Cameron vows to veto EU transaction tax

BRITISH Prime Minister David Cameron said yesterday he would veto a European-wide financial transaction tax unless it was imposed globally, deepening a confrontation with European Union heavyweights France and Germany.

He said France should be free to go it alone and introduce a financial transactions tax if it wished.

Paris and Berlin want an EU- wide tax on financial transactions but Britain is resisting, fearing it will damage the City of London, a global financial centre where much of the tax would be raised.