Local view for "http://purl.org/linkedpolitics/eu/plenary/2017-02-13-Speech-1-160-000"

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"Madam President, I would like to thank the Commissioner for everything she is doing, particularly around tax justice. I would also like to thank Mr Szanyi for his excellent report and my colleagues in the Committee on Economic and Monetary Affairs who decided to support me in calling on the Commission to investigate competition in Formula One. Colleagues, you may think Formula One is just for petrol-headed adrenaline junkies but actually it is important for our economy as well. In ‘Motorsport Valley’, which stretches from the southeast of England into the Midlands, motorsports provide around 40 000 jobs. These are at risk. A few weeks ago, one team, Manor Racing, became the latest to collapse after administrators could not find a buyer. Smaller teams in Formula One are punished by rules that guarantee bigger teams prize money, even if they finish last. Recently the regulator of Formula One, the FIA, made a USD 79.5 million profit by selling its stake in the sport – a stake it had promised the Commission it would not take on. We must stop the haemorrhage of jobs from this sector and keep a sport loved by 500 million fans as it should be – truly competitive."@en1
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