Thursday, 30 June 2011


The EU has proposed that its budget rise by 5% for 2014 to 2020.

I’m sorry, what? Really, everyone else is attempting to get their houses into order, this bloated bureaucracy want to spend even more money? The very same people that are strangulating Greece?

It gets worse. The EU is also proposing that a Tobin-tax on financial transactions. Oh well done. No, honestly that is a masterpiece of idiocy. Just when we are trying to get back on the road to recovery, along comes some socialist thinking to kneecap us.

Seriously, Tobin taxes can only work when spread right across the board. It cannot work on a territory basis. Why the hell would any trader use the City or Frankfurt if they are going to get taxed. Sure, the amount may be miniscule per trade but it could soon add up and financial institutions will probably head to a more favourable climate. Fantastic thinking there EU.

Thirdly, and oh what joy this is, the EU is considering a European value-added tax set at a maximum of 2%.

A direct tax? Marvellous. Could someone please enlighten me as to where I voted for a direct tax from this bloated beast?

And lastly, and probably more sinister, instead of rebates, UK, Germany, Sweden and Netherlands should receive annual lump-sum payments.

Hmm, I wonder how much more money we will lose to Europe if this goes through?

Why are we putting up with this? It is a nonsense. This undemocratic institution has veered so far from the original concept of a free-trade area that the likes of my Dad voted for that it is now time for a serious debate about our role and future in the EU.


  1. Nice blog comment - just discovered site !
    Will be back to peruse later.

  2. Hey Morningstar, came from the Telegraph?

    Mine is an odd blog, either it's full of geek stuff or I rant about finance and politics depends on how i feel.

    Hope you enjoy it