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Byline: PAUL EASTHAM

GORDON BROWN last night warned the French that Britain will not give up its right to veto European tax proposals.

The Chancellor, fresh from claiming victory in beating off a Brussels-inspired savings tax which could have cost thousands of jobs in the City of London, clashed with France when he bluntly insisted that the veto was a matter of national sovereignty.

French finance minister Laurent Fabius had appealed to Britain and other countries to give up the right to the veto, saying a majority voting system would make EU-wide tax negotiations much easier.

Speaking in Brussels, Mr Brown said: 'Tax decisions reflect national values and the national identity - choices people want to make at a national level.

'We have got to continue to push our case. We have always said on tax matters that these are issues reflecting national identity and they are decisions best made in the UK Parliament.' The Chancellor spoke out after successfully using the threat of the British veto to force his EU counterparts to abandon plans for a 20 per cent tax on savings held in other countries.

It marked the end of a three-year battle against the levy, known as the withholding tax, which was aimed at curbing cross-border tax evasion but had led to British fears that it would damage London's eurobond market by driving investors outside the EU.

Mr Brown's threat left fellow finance ministers with no choice but to fall into line with an alternative British proposal.

Instead of a withholding tax, the EU states agreed to an 'information exchange'. It means tax officials in one country will tell those in another if they think someone is sending their savings across an internal EU border to avoid paying tax.

The Government was determined to defeat the withholding tax as part of its wider battle to fend off growing pressure for countries to give up the veto on all tax matters and allow decisions to be taken by majority vote.

A Treasury spokesman said: 'British opposition to a onesize-fits-all tax policy has now been accepted by all member states. We can now say unequivocally that there will be no withholding tax in Britain.' The way the Chancellor presented his triumph yesterday raised suspicions that he is positioning himself on the eurosceptical wing of the Cabinet.

MPs noted that Mr Brown's spokesman described the withholding measure as a 'one-size-fits-all' tax, a phrase normally used to describe the single interest rate imposed on the 11 states already in the euro.

It was being suggested last night that the choice of language was intended to give the impression that Mr Brown is reluctant to join the single currency too, in an attempt to enhance his prospects of succeeding Tony Blair as party leader.

Tories, however, claimed that his boasts were a cover up.

Michael Portillo said the deal was a 'distraction' from concessions he said would be made by the Government at the Nice summit in December on 'a whole raft' of policies on which the veto will be lost.

The Shadow Chancellor said that the claim of victory was nonsense because the Government remained committed to putting Britain into the euro.

That, inevitably, would lead to demands from Brussels for our taxes to be 'harmonised' upwards to the same levels as the rest of the EU, he added.

. . . and you can leave our banks alone too

THE Chancellor is threatening to veto plans for officials in Germany to supervise Britain's banks.

Under the scheme the European Central Bank - which runs the euro - would have sole power to scrutinise the heart of the UK's financial community.

The proposal would initially affect banks in the 11 EU countries which have adopted the single currency.

But if Britain scrapped the pound it too would have to submit to the arrangement.

Mr Brown regards the development as a potential breach of our financial sovereignty.

France is proposing that the scheme should be subject to majority voting, which would strip Britain of its veto.

A senior Treasury source said: 'We have serious concerns about this proposal. It is a showdown issue.' Officials hinted strongly that the Chancellor was ready to block the plan.

Tory foreign affairs spokesman Francis Maude said Mr Brown had raised the issue as a 'smokescreen' to hide the fact that Labour planned to surrender more than 40 vetoes - including financial regulation - at the EU summit in Nice next month.

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