Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-272-250"
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"en.20120523.15.3-272-250"2
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"Most substantiations we have heard for introducing a financial transaction tax are pure myth. The only purpose of the tax is to give Brussels its own source of income, while hammering national economies – weakening their independence. It is a shrewd way of moving money, and thus power, to the centre, paving the way for a federalised super-state. The very fact that the European Union feels it can give itself tax-raising powers without recourse to any sort of democratic vote is frankly horrifying. It is very easy to sell such a tax to the public as taking money from greedy bankers. But that is a profligate lie. Banks themselves cannot be ‘taxed’. The FTT would affect wages after making raising capital more expensive. Less money means smaller pay, not for the bankers, but for everyday workers. It would affect pensions, mortgages – all financial services. The FTT would impact upon everyone, affecting overall GDP, taking money from Member States while Brussels builds its own reserves. The FTT would increase volatility, not reduce it. It would disproportionately target the UK, destroy competitiveness and do unforetold damage to the City of London – something I am sure Brussels would delight in."@en1
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