Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-07-03-Speech-3-329-000"

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"en.20130703.36.3-329-000"2
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"Mr President, it should come as no surprise to anyone in this Chamber or indeed financial centres across Europe, especially London, that I oppose this tax. This FTT is badly thought out and would never achieve the revenues that people claim it will. It will simply cost businesses and small investors across Europe more, while banks and sophisticated market actors will create ever more complex products to avoid it. We do not levy VAT upon goods and expect the supermarkets to pay it. We all know that the cost is passed on to the consumer and it is naive to think an FTT is any different. I cannot understand why the countries who have agreed to go ahead with this enhanced cooperation have done so and I look forward to hearing the European Court of Justice’s view on the extraterritorial implications of the tax as proposed. Given that there is still no answer to the basic questions of who should collect the tax and how, I suspect this debate is going to continue for a long time. However, I do hope ultimately it will die and it should actually be discarded in its entirety."@en1
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