Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-064-000"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2012-05-23"^^xsd:date2
dcterms:Is Part Of	lp_eu:Common system for taxing financial transactions (debate)2
dcterms:Language	"en"^^xsd:language2
lpv:document identification number	"en.20120523.3.3-064-000"2
lpv:hasSubsequent	lp_eu:2012-05-23-Speech-3-065-0002
lpv:speaker	lp:Arlene McCARTHY2
lpv:spoken text	"Mr President, in the UK, my own Member State, two-thirds of the public back a ‘Robin Hood tax’ on the financial services sector. Why? Because the financial services sector is largely undertaxed: it enjoys an EUR 18 billion per annum VAT exemption. It should pay a fairer rate of tax, particularly since its return to profitability, and it continues to pay out large bonuses. Of course, we prefer a global financial transaction tax, but we have been prepared, unlike the UK Government, to engage constructively in the debate for an EU FTT. It is clear that it has to be workable, it has to be effective, it has to be simple to collect and it has to minimise tax avoidance. A well-designed FTT could help tackle speculation, and it could help stabilise the economy away from short-term profit towards serving the real economy. It would raise money to meet global development and poverty challenges and climate change commitments. It could raise revenue to meet our national priorities for investing in our economic future and youth employment. It would be a bonus if an FTT could tackle the kind of hedge fund activity which last week saw a US tax-exile hedge fund manager in the Cayman Islands paid EUR 400 million from the bailout cash we paid to the Greek Government to pay its bondholders. Frankly, if J.P. Morgan can carelessly afford to lose EUR 2 billion – even maybe EUR 7 billion by recent estimates – they can afford to pay an FTT. I want to be clear, though. Tax policy requires unanimity between all EU Member States, and the EU does not have tax-raising powers to allocate resources for an FTT. We will continue to campaign for the global FTT and to engage in this, but we will not vote for an FTT that is prioritised for own resources."@en1
lpv:spokenAs	unknown; Labour Party (2009-07-14--2014-06-30)3,3 vice-chair; ECON (2012-01-23--2014-06-30)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 substitute; JURI (2012-01-19--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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