BRUSSELS—The U.K. government could see its direct contribution to the European Union budget reduced by €7.6 billion ($10.04 billion) by 2020 if the EU's proposal for a regional transaction tax to fund Brussels's spending is agreed upon, Budget Commissioner Janusz Lewandowski said Thursday.
The European Commission's proposal is the centerpiece of last year's EU budget plans for 2014-20. That proposal will be the starting point for what is expected to be a scrap over Brussels's spending plans in coming months. member states, the EC and the European parliament must agree on the budget by December.
While the financial-transactions tax has won public backing from nine countries, including France and Germany, the Commission's plan faces an uphill struggle. Some countries appear steadfast in opposing a broad transactions tax, including the U.K. and Sweden. Many governments are also reluctant to lose their grip on Brussels's revenues.
In its report, the Commission estimates that by 2020 a financial-transactions tax levied on shares, bonds and derivatives could generate €81 billion annually.
The Commission says a third of that would be reserved for member states while Brussels would automatically receive the other two-thirds, some €54 billion.
According to the Commission, the French contribution to the EU budget would fall by €8.8 billion, Germany would see its payments fall €10.7 billion and Italy would provide €6.5 billion less.
Still, every euro saved on payments to Brussels would be one euro surrendered by national governments if a transactions tax was agreed and introduced. That leaves some member states unimpressed.
"The Commission's own analysis shows this tax could take €200 billion out of the EU economy and cost 500,000 jobs, which is why the U.K. is opposing it," said a British diplomat. "We are against any new EU tax to fund the EU budget and completely refute the suggestion that the U.K. will benefit from the EU's financial transaction tax."
The Commission has long wanted to increase the amount of funds directly earmarked for Brussels. However, some member states believe that control of those funds gives national governments greater sway over EU spending and priorities.
The Commission hopes that by offering national governments the chance to tell voters they are slashing the amount of money they send to Brussels, the EU's executive will win some governments over to their plans.
"We are coming with some striking figures to assist the debate," Mr. Lewandowski said Thursday.
There has been little sign of an emerging consensus on the transaction tax, while even those countries that have promised to forge ahead appear set on using the cash for their national treasury.
In a press conference in Brussels Thursday, Danish Prime Minister Helle Thorning-Schmidt, whose country holds the rotating EU presidency, said her government was speeding up discussions on the transactions tax. She confirmed it will be debated by EU finance ministers in Copenhagen next week.
Some diplomats believe the Commission is pressing the so-called "own resources" plan as a bargaining chip to trade in with the more powerful member states to prevent too austere an overall budget settlement.
While the U.K., France and Germany have had spectacular rows in the past in the lead-up to the multiyear budget settlements, all three have pledged an austerity settlement this time with spending increases for Brussels in line with inflation.
Some smaller European countries fear that will only happen if there are sharp reductions in cohesion funds—resources used for the poorer parts of the EU, especially the newer member states in Eastern Europe.
Write to Laurence Norman at laurence.norman@dowjones.com
Brussels, the European Union budget, transaction tax, transaction tax, Budget Commissioner Janusz Lewandowski, European Commission, the Commission, the Commission, transactions, transactions, member states, BRUSSELS—The U.K. government, Commission, the European parliament, France and Germany, national governments
Nenhum comentário:
Postar um comentário