Euro rebate demanded

ONE of East Devon s euro-MP s has demanded that �500 million in fines collected from IT companies be dished out to help out the UK s ailing economy.

ONE of East Devon's euro-MP's has demanded that �500 million in fines collected from IT companies be dished out to help out the UK's ailing economy.

Conservative economic committee member Ashley Fox MEP said that the European Commission was 'hoarding several billion Euros' raised from companies such as Intel and Microsoft following 'anti-competitive' practices.

He is calling for the United Kingdom to be given a share of the cash, instead of being held as a surplus by the European Commission.

Commissioner Designate Almunia said the money would be held as part of the EU budget and only the remaining surplus would be redistributed.

If the UK was to receive a share of around 10 per cent this would amount to about �500 million.

Mr Fox said: "(The money)...should ideally be returned to those consumers who have paid over the odds...

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"(But)...as this would be virtually impossible to implement the best alternative is to return the money to the member states.

"Given the current financial predicament...the government should demand that its share of the money is returned..."

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