Open

Coming up

Don't miss

Replay


LATEST SHOWS

WEB NEWS

Web users pay tribute to South Korea ferry victims

Read more

AFRICA NEWS

A landslide victory for the 'invisible candidate' in Algeria's Presidential polls

Read more

THE WORLD THIS WEEK

The World This Week - 18 April 2014

Read more

THE WORLD THIS WEEK

The World This Week - 18 April 2014 (part 2)

Read more

MEDIAWATCH

Presidential adviser resigns over "shoe-shine scandal"

Read more

#THE 51%

Breaking stereotypes

Read more

#TECH 24

Galaxy S5 v. HTC One (M8): Which is the right one for you?

Read more

FRANCE IN FOCUS

New PM Manuel Valls outlines priorities

Read more

FASHION

Jean-Marc Loubier, bags and shoes.

Read more

  • The Great War's unsung four-legged heroes

    Read more

  • Freed French journalists arrive home after Syria ordeal

    Read more

  • French journalist tells of release from captivity in Syria

    Read more

  • Divers begin pulling bodies from sunken South Korean ferry

    Read more

  • Syria’s Assad visits recaptured Christian town at Easter

    Read more

  • UK’s Hamilton cruises to victory at Chinese Grand Prix

    Read more

  • ‘Deadly clashes’ at Eastern Ukraine checkpoint

    Read more

  • In pictures: French kite festival takes flight

    Read more

  • Militants kill Algerian soldiers in deadly ambush

    Read more

  • Scores killed in South Sudan cattle raid

    Read more

  • PSG clinch fourth League Cup title after beating Lyon

    Read more

  • Le Pen’s National Front fail to woo Britain’s Eurosceptics

    Read more

  • VIDEO: Anti-Semitic leaflets in Eastern Ukraine condemned

    Read more

  • In pictures: Good Friday celebrated across the globe

    Read more

  • Bouteflika, the ghost president

    Read more

  • Does Valls’ upcoming Vatican trip violate French secularism?

    Read more

  • Ukraine separatists say ‘not bound’ by Geneva deal

    Read more

  • Abel Ferrara’s hotly awaited DSK film to premiere on web

    Read more

  • Obama signs bill to block controversial Iran diplomat from UN post

    Read more

  • Astronomers discover Earth-like planet that could support life

    Read more

  • In pictures: Iranian woman pardons son’s killer at the gallows

    Read more

Europe

Sarkozy's financial transactions tax is 'mad'

©

Text by News Wires

Latest update : 2012-01-31

British Prime Minister David Cameron warned Monday that France's banks will flee to Britain if French President Nicolas Sarkozy goes ahead with plans to levy a 0.1% tax on financial transactions. Cameron called the French tax proposal "mad".

AFP - 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."

In a televised speech on Sunday, Sarkozy announced plans to introduce a 0.1 percent tax on financial transactions to come into effect from August this year in France.

He said in the same speech that Britain had no industry left, but while the British press played up the French president's comments, Cameron played down suggestions of a rift.

Asked if he would be backing the French president's re-election this year -- as German Chancellor Angela Merkel's party said she would -- Cameron said he was a "big supporter and friend of Nicolas Sarkozy and I wish him well.

"I think he's a remarkable man, I worked with him very closely over the Libya conflict, I think that was probably the closest that the British and French have worked together in the last 40 years, so I'm full of admiration for Nicolas," he added.

"Every now and again he says something I don't agree with -- today when he said that Britain is short of industry, we actually have a larger industrial sector than France."

Relations have been stormy between the two in recent months.

In December when Cameron criticised the eurozone's efforts to tackle its debt crisis, Sarkozy reportedly snapped that -- as Britain is not part of the single currency -- Cameron should shut up.
 

Date created : 2012-01-31

  • FRANCE

    Critics pound on Sarkozy's plans for French economy

    Read more

  • UK

    Sarkozy 'sick' of Cameron interference in euro crisis

    Read more

  • DIPLOMACY

    Sarkozy and Cameron ties questioned after euro row

    Read more

Comments

COMMENT(S)