Cameron dubs Franco-German tax plan 'madness'

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Cameron dubs Franco-German tax plan 'madness'

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Britain’s David Cameron has taken a swipe at Franco-German plans for a financial transaction tax in Europe, questioning the sanity of such a move.

Already at odds with his EU partners, the UK prime minister’s comments at the World Economic Forum in the Swiss resort of Davos will not heal the rift.

“Even to be considering this at a time when we are struggling to get our economies growing is quite simply madness,” he told the WEF.

“Europe’s lack of competitiveness is its Achilles heel. For all the talk, the Lisbon Strategy has failed to deliver the structural reforms we need.”

Britain has pledged to block any Europe-wide tax on financial transactions. Cameron also urged Berlin to do more to tackle the eurozone crisis.

Many analysts warn not to expect a thaw in Britain’s frosty relations with its big EU partners any time soon.