Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-07-Speech-1-051-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2011-03-07"^^xsd:date2
dcterms:Is Part Of	lp_eu:Innovative financing at a global and European level (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20110307.17.1-051-000"2
lpv:hasSubsequent	lp_eu:2011-03-07-Speech-1-052-0002
lpv:speaker	lp:Arlene McCARTHY2
lpv:spoken text	"Mr President, I want to thank our rapporteur for this report and to focus my comments on responding to the public’s call for fair taxation on the financial services sector. We should remind ourselves that citizens have already provided a massive taxpayer bail-out of EUR 4.5 trillion of State aid to the banking sector – EUR 9 500 per man, woman and child in the EU – and, of course, the public are continuing to pay with the loss of their jobs during this extreme financial crisis. Now that this sector has returned to profit and is paying out large bonuses (in fact, that is how, Mr Hökmark, they can recapitalise – they do not need to worry about taxes; it is the bonuses they should get rid of), it is only fair that this sector, like any other, makes a fair contribution. The question is: why should the EU own-resources, including the VAT element, be borne by householders and taxpayers, while the financial services industry is largely exempt from VAT? While Ireland borrows EUR 85 billion to solve its economic crisis, its total support to banks is estimated at EUR 725 billion. Our citizens rightly believe it is time for the financial services sector to pay a fair contribution. Even Mervyn King, the Governor of the Bank of England, this weekend said that if we do not have a fundamental reform of the financial services sector, we are heading for another banking crisis. This report does not say how we should introduce an FTT or how much it should be. It is now clear that we are at the beginning of examining evidence in this area, and one study shows that even a minuscule tax just on foreign exchange trade could raise USD 26 billion worldwide. We support further studies. Of course, we also support you, Mr Šemeta, in making sure that we do not have the failed Swedish model, which is not a good example of an FTT. But, Commissioner, can I say to you that, before seeing results of studies, I am a bit disappointed that your consultation paper already excluded an EU FTT. You are right, Commissioner: let us see the evidence before we reject it. I am disappointed that you have already taken that decision. Tomorrow’s vote, therefore – and I will finish on this – is in favour of this report and the principle that the financial services should now pay its way. It is a vote that backs our citizens and the view that they should not be left paying continually for the mistakes of the financial services and the banking sector."@en1
lpv:spokenAs	unknown; Labour Party (2009-07-14--2014-06-30)3,3 vice-chair; ECON (2009-07-16--2012-01-18)3,3 substitute; JURI (2009-09-16--2012-01-18)3,3 member; Special committee on the policy challenges and budgetary resources for a sustainable European Union after 2013 (2010-06-17--2011-06-30)3,3 member; S&D (2009-07-14--2014-06-30)3,3 substitute; Delegation to the EU-Turkey Joint Parliamentary Committee (2009-09-16--2014-06-30)3,3 member; Delegation for relations with Switzerland and Norway and to the EU-Iceland Joint Parliamentary Committee and the European Economic Area (EEA) Joint Parliamentary Committee (2009-09-16--2014-06-30)3,3
lpv:unclassifiedMetadata	"Arlene McCarthy (S&D )."1
lpv:videoURI	<go to Events_and_structure europarl>2

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