Downing Street Says » EU Letter/Brussels

» Thursday, December 10, 2009

EU Letter/Brussels

Put that the Prime Minister referred to a financial services transaction tax in his letter to the EU this afternoon and if that was another name for a Tobin tax, the PMS said that it was the transaction tax that was mentioned at the G20 and it was one of a number of options the Prime Minister had set out to help us reach a situation where we had a new global contract that could deliver a new relationship between global banks and society.

Put that the point of a Tobin tax was to give money to support developing countries and asked where the money would go from this tax, the PMS said that the Treasury had released a document setting out elements of financial responsibility so it was best to speak to them.

Asked if the Prime Minister had spoken to President Sarkozy about a tax on bonuses before the Pre-Budget Report yesterday, the PMS said that it had been discussed at the G20 in terms of remuneration more broadly, and that a global approach was needed.

Put that the Prime Minister and President Sarkozy had been quick to publish a joint article, the PMS said that it underlined the fact that the Prime Minister and President Sarkozy were in a very similar place in terms of Europe and the global financial sector.

Asked if the British and French governments would push for an EU-wide tax on bank bonuses at today/tomorrow’s summit, the PMS said that the Prime Minister felt it was up to individual leaders to decide their own tax measures.

Asked if the Prime Minister was happy with the new arrangements for EU Councils which meant that the Foreign Secretary no longer went with him, the PMS said that the Prime Minister was well equipped to represent the UK at the European Council.

Asked if the Prime Minister was happy that Baroness Ashton was going rather than the Foreign Secretary, the PMS said yes.

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