Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-12-11-Speech-2-557-000"
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"en.20121211.32.2-557-000"2
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"Mr President, I want to start by saying that I would have no objection to a globally-imposed financial transaction tax. Imposed upon all financial transactions, it would raise a lot of money which I would wish to see used to lower other taxes which harm incentives to work and to innovate.
However, I can see little benefit in an FTT which applies to only a few countries. It will raise some revenue from businesses too small to avoid it but, for the most part, it will simply displace transactions to those countries where the tax does not exist. I am pleased, therefore, that the United Kingdom has said that it will not participate. If other European countries wish to go ahead, then that is a matter for them. But before doing so, perhaps they should ask themselves why Sweden is not participating. The answer, I suspect, is that Sweden has tried such a tax before and it resulted in a lot more business for the City of London."@en1
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