He stuck up for British Interests. His veto was absolutely correct. The Financial Transaction Tax would harm Britain the most. London accounts for 40% of all foreign currency transactions. A massive number. Let’s compare this to Paris and Berlin. The figures are 3% and 2 % respectively. This Robin Hood Tax when you look at the figures could be seen to be a tax aimed squarely at London. Yes the financial crisis of 2008 may have kick started the global recession but it is not responsible for the Euro crisis. The cause for that crisis is the lack of a common fiscal policy from the start and no real consequences for countries that fiddled their books to enter the Euro (Greece) and no consequences for countries that spent more money than they could ever hope to repay. (Greece again)
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