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Economy
In reply to the discussion: STOCK MARKET WATCH -- Thursday, 2 February 2012 [View all]Demeter
(85,373 posts)15. French banks would come to Britain to avoid tax: Cameron
http://www.eubusiness.com/news-eu/finance-public-debt.ewc
British Prime Minister David Cameron took a fresh dig at cross-channel rival France Monday, warning that French banks would flee to Britain if Paris introduces a financial transactions tax.
In comments aimed squarely at Nicolas Sarkozy after the French president reportedly criticised British industry, Cameron said the concept of the tax at a time of economic difficulty was "mad" and "extraordinary".
British Prime Minister David Cameron took a fresh dig at cross-channel rival France Monday, warning that French banks would flee to Britain if Paris introduces a financial transactions tax.
In comments aimed squarely at Nicolas Sarkozy after the French president reportedly criticised British industry, Cameron said the concept of the tax at a time of economic difficulty was "mad" and "extraordinary".
"I know I used the word mad, but I do think it's an extraordinary thing to do," he told a press conference after a European Union summit in Brussels, referring to the introduction of the tax.
"The European Commissioner has told us this would cost Europe half a million jobs. Now when we're all fighting for jobs and for growth, to do something that would cost so many jobs does seem to me to be extraordinary.
"And in the spirit of this healthy competition with France, if France goes for a financial transactions tax then the door will be open and we'll be able to welcome many more French banks, businesses and others to the UK.
"We'll expand our economy in that way as well as by rebalancing it, because I think this is the wrong move."
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Feb 2012
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#57
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