"......the European tax commissioner, had "already started work" on presenting FTT as a valued added tax (VAT) - which could be imposed without being ratified by a vote and therefore strip Britain of its right to veto.
Under European rules, new taxes have to be agreed unanimously by all members but VAT can become law with a simple majority.
The move was criticised as a "tax on the City of London", where almost 80pc of Europe's financial services are based."
So in effect, any veto the UK had will be sidestepped and a very important part of the UK economy will be taxed out of existence. The UK will become dependent upon EU handouts.
