Enda backs up UK on finance tax

Dirk Gently

I see Enda has said today at the British/Irish summit that he wont accept any financial transaction tax that does not apply to the UK as well, a defacto statement of support for David Cameron as he has ruled out the UK signing up for it.

Why is Enda rescuing the UK from isolation at the cost of going us against the EU? Is this a first sign that Dublin is willing to stand with London should EU direction become too unpalatable?

Dirk Gently

Dirk Gently wrote: »

I see Enda has said today at the British/Irish summit that he wont accept any financial transaction tax that does not apply to the UK as well, a defacto statement of support for David Cameron as he has ruled out the UK signing up for it.

Why is Enda rescuing the UK from isolation at the cost of going us against the EU? Is this a first sign that Dublin is willing to stand with London should EU direction become too unpalatable?

It's because we don't want our lovely IFSC relocating to London were we to apply the tax and London did not.

later12

I saw this on an Irish news website earlier; I'm not sure why there is such surprise. The wording here is only vaguely stronger than what Kenny was saying in November

http://www.channelnewsasia.com/stories/afp_world_business/view/1165955/1/.html

[Enda Kenny] also highlighted his opposition to a financial transaction tax -- an anti-speculation measure strongly backed by Germany and France but adamantly opposed by Britain.

"You wouldn't want a situation where you have one in Ireland and none in London," Kenny said. "It would be a competitive disadvantage."

and what was said by the Minister for Finance in December:

http://uk.reuters.com/article/2011/12/14/uk-ireland-uk-idUKTRE7BD10I20111214

(Reuters) - Ireland warned on Wednesday its financial services industry may be at risk from Britain's opt-out from closer EU integration but the damage for Dublin could go a lot deeper without its closest neighbour at the European negotiating table.

"Obviously there will be disadvantages for Ireland if a financial transaction tax will be applied in Dublin and not be applied in London as well," Finance Minister Michael Noonan told reporters in London ahead of a meeting with Chancellor George Osborne.

mikemac1

Makes sense, financial services is a big employer in Cork and Dublin.

And hundreds employed between Kilkenny, Dundalk and Wexford

An extra tax may see those jobs go elsewhere, if not the UK then probably Luxembourg

Countries compete for these jobs and Ireland did well in this area

jc84

i thought kenny signed up to this new pact at the summit, why is he backtracking now? did he not realize that he'd loose financial services in this country by doing so

Maura74

What will the English government, do if and when Scotland gets its independence and join the Euro.

http://www.guardian.co.uk/politics/2012/jan/12/independent-scotland-euro-george-osborne