Towards a Financial Transaction Tax?

Towards a Financial Transaction Tax?

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The House of Lords EU Sub-Committee on Financial and Economic Affairs say in its report that the FTT proposed by the European Commission is flawed and will fail to fulfil the Commission's own objectives. The proposals place the City of London under severe threat and are likely to force financial institutions to relocate away from the UK and the EU as a whole. Given the strategic importance of the City of London, such relocation would have a highly damaging impact not only for the UK but on the economic health of the EU as a whole. A proposal that would have such a disproportionate impact on the UK above all other Member States makes the Commission's proposals particularly unacceptable. Whilst the Committee acknowledge the strength of public anger against the financial sector an FTT is the wrong way to meet such demands. The Committee urges the Government to refuse to agree to the Commission's qwholly impractical and unworkableq proposals. In addition, the Government have stated that, whilst they oppose an EU-wide FTT, they have no objection to a global FTT. The Committee found the Minister's explanation of this position unconvincing. If the Government's true position is to oppose an FTT outright, then they should say so.29th Report of Session 2010-12 Great Britain: Parliament: House of Lords: European Union Committee ... It has been suggested that an FIT may be adopted by some or all euro area Member States, or that a tax of a similar kind to ... of the internal market for financial services; ii) To ensure that financial institutions make a fair contribution to covering the costs ... iii) To deter transactions that do not enhance the efficiency of financial markets; iv) To generate money for the EU budget; andanbsp;...

Title:Towards a Financial Transaction Tax?
Author: Great Britain: Parliament: House of Lords: European Union Committee
Publisher:The Stationery Office - 2012-03-01

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