Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-12-12-Speech-2-310"
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"en.20001212.14.2-310"2
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"Mr President, it is interesting to follow Mr Martin as an English speaker and I can assure him that things are certainly not falling apart in the British economy even though my party would like a change of government. A point I want to make with regard to this takeover directive is to bring the argument very firmly back to millions of electors in my country and millions of people who have pension plans and savings that are based upon investments in the stock market. Mrs McCarthy quite rightly reminded us to declare an interest. So let me declare an interest. I have a pension fund from my previous employer. A lot of its value is based on investments in the British stock market and I rely on investment managers to keep my investment safe and to develop it for my future retirement. That, of course, is a major strength, Mr Martin, for the British economy because we have those funds there at a time when our society is growing older and we need to provide those pensions. We do not have an overhang of publicly funded pensions.
That is something that everyone in the European Union is going to have to tackle and this takeover directive, in the final form that comes through has to address that issue. The problem with the amendments that we have before us is that, if this goes through, the people who are managing my pension fund will not be able to maximise that value for me. That applies to millions of ordinary individuals working in companies up and down the United Kingdom. It is their future that we are talking about. This is not some abstract concept. It goes to the heart of the British economy and it is something that increasingly will be critical for the future of the European economy as well."@en1
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