Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-07-Speech-1-035-000"
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"en.20110307.17.1-035-000"2
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"Mr President, the theory of a Tobin tax has been around for years – the idea of a global tax on foreign exchange – but, of course, it has never seen the light of day. What is being proposed here – and, of course, it is because the European Union is so desperate for money and is in so much trouble that it needs its own resources – is to use an opportunity to bash the financial sector because they are very unpopular at the moment and to introduce a financial transaction tax just in the European Union, as if somehow that will gain us great revenue.
I am sorry, but we are living in a global economy. If we become uncompetitive through tax or regulation, people simply move – and they can do so in the space of 24 hours. To do this would be to pursue kamikaze economics. The biggest foreign exchange market in the world – the biggest financial sector in the world – is in London. If I did not know better, I would think perhaps there was a plot afoot here to stop the Anglo-Saxons going on doing all of their business.
In 2010, as a result of the AIFM Directive, one in four hedge funds left the City of London. If we continue down this route, Britain will have lost its biggest single industry. I think the time has come when the City of London and Britain’s financial markets are going to rise up against membership of this European Union. Maybe, if we vote for this tomorrow, it will be so bad that it will be really rather a good thing for UKIP and our view that we should not be part of this massive socialist experiment."@en1
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