12 DECEMBER 1998, Page 28

Viennese harmonics

NOW competition and choice face the threat of a taxing monopoly spread across Europe. If the Prime Minister was looking forward to his weekend in old Vienna, he will be disap- pointed to find that the melodies of Strauss and Mozart have been superseded by the harmonies of Brussels. Harmonisation what a euphemism that is — will take the rule of one-size-fits-all beyond Europe's cur- rencies to Europe's taxes. Its first prospective victims are the capital markets of the City, which would thus be lost, not just to Britain but to the unified tax district of Europe. (Next stop Zurich or Hong Kong.) I offer him one of William Pitt's better ideas: Britain should save herself by her exertions and Europe by her example.