JTaylor

I actually agree with the principle of The Tobin Tax, but it just so happens that when the roles were dished-out back in the seventies, France took agriculture, Germany manufacturing and Britain financial services. If the banks are saying they'll ship out if we sign-up, we're left without our sector and by extension so too would Europe.* The flip-side of not signing-up is that we protect a sector that not only put Europe and the World in this position in the first place, but which is now holding Britain to ransom and compromising our relationship with our cousins across the channel.

Then there's the domestic realpolitik to consider: The little-Englander mentality which appears to account for a significant block of voters, the Europhile block who are fewer but influential, the Tory backbenchers who seem unable to discuss Europe without shouting "Sovereignty" every other word and threatening a revolt. Then there's Team Refer-feckin'-rendum and the risk to the coalition and so on and so on. Very difficult.

I'm thinking out loud, but I imagine, on balance, Cameron needs to protect Britain's interests which means protecting the FS sector. The right thing to do with regards to the big picture would be the wrong thing for Britain in the short-term and the wrong move in this climate will clearly spell disaster. I guess the lesser of two evils is to look after no.1 and hope that Europe can learn to forgive us a decade or five down the line.

* If we signed-up to The Tobin Tax and the FS sector shipped-out of Europe, there wouldn't be much to tax, would there? Trout, Alloy, GK et al. How would that work?