RE: Food for thought8 Feb 2019 17:42
And for those that hate the City - the Institution that enables us to survive in the EU
Brussels is pursuing Britain for failure to charge VAT on commodity futures, options, and key derivatives on the London Metal Exchange, the London Sugar Terminal Market, and other exchanges. This is to overturn a settled compromise dating back to the UK’s original derogation in the 1970s on zero-rated VAT in this market. Why now?
The EU claims that Britain has stretched the scope of the derogation, but as the old saying goes: the law is what you do to your enemies, it is what you interpret for your friends. It threatens to drive the business out of London and ruin one of the City’s prize industries.
“China, New York, Singapore and Dubai will be rubbing their hands with glee. They have been dying to get their hands on this important market,” said Ross Norman from Sharps Pixley.
Still love the EU - all you animals pseudonyms?