Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-182-000"
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"en.20120523.15.3-182-000"2
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"Mr President, the report on a common system for taxing financial transactions states that such a tax can have a positive impact on the long-term growth of the EU. However, I believe it will do exactly the opposite. As I have said before, surely my colleagues from Sweden can understand and share my position towards an EU-wide FTT.
The report acknowledges that there is a lack of international agreement but states that the EU should go ahead anyway. However, if the EU does go it alone, we may find that, as in Sweden in the 1980s, the vast majority of our traders in bonds, equities and derivatives will relocate outside of the EU. This is unlikely to promote the growth that we all desire. The City of London plays host to a comparatively large financial services sector which is already subject to stamp duty at national level, therefore contributing to the prosperity of the EU as a whole. It would be disproportionate to request the City of London to pay in addition an EU-wide FTT, putting it at a comparative disadvantage internationally. I find this tax to be unfair and I have voted against the report."@en1
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