Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-02-04-Speech-2-689-000"
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"en.20140204.61.2-689-000"2
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"Mr President, I cannot believe we are still spending time talking about the Financial Transaction Tax. This is not a Robin Hood tax – it is a Sheriff of Nottingham charge. History tells us that, when financial transactions are taxed, financiers leave. They move to other parts of the world, and the people who are left to pay the tax are the pensioners, the savers and the companies who are looking for money to grow – each of us as taxpayers – when our governments have their own costs of funding put up. That is why so many countries have said no to an EU FTT. Then there is the issue of extra-territorialisation, which means forcing one country to collect tax on behalf of another. It is not legal, which is why the UK has to waste money taking the EU to court.
Some say that the EU should look to the UK because we have a stamp duty. Yes we do, but big investors do not pay it. Furthermore, from 1 April small companies’ shares will not be subjected to it either, because we want those companies to be able to raise money to grow. So we are unwinding our financial transaction tax. I am not opposed to taxing banks. In the UK the bank levy raises GBP 2.5 billion every year. However, if you are going to tax financial services, do it in a more intelligent way.
This is a waste of time, a waste of effort and a waste of money, and the poorest will end up paying."@en1
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