Germany closer to Tobin tax deal

GERMANY has moved a step closer to finalising its position on a European Tobin tax after the centre-right governing coalition and opposition parties said they had reached a deal.

The agreement would see Germany’s opposition vote in favour of the Eurozone “fiscal pact” in return for Chancellor Angela Merkel pushing for the imposition of a financial transaction tax, which is supported by France but fiercely opposed by the UK. The tax could now be introduced in some states but London has vowed to veto it EU-wide.