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European Council

I am grateful for that question. There was a long discussion about the issue of a transaction tax, and great support for that within the European Council. I was keen to make sure that countries such as the UK that want to introduce a banking levy, and that would like international agreement but nevertheless want to go ahead in any event, should be able to do so without being bound by the EU to introduce a particular sort of tax or to spend the money in a particular sort of way. That was achieved. If the hon. Lady looks at the EU Council's conclusions, she will see that they say that we should continue to explore and develop the case for a transaction tax, which is sensible. However, I must tell her that it will be difficult to get international agreement for such a tax, which is why Britain is right to take the approach that it has taken.