Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-06-13-Speech-4-229-000"
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"en.20130613.27.4-229-000"2
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"Mr President, there is a flight of financial services from the European Union to non-EU competitors – to Switzerland, to Shanghai, to Singapore and to New York. We are driving business away from the continent with unnecessarily disproportionate and burdensome regulation which, even on the Commission’s own analysis, is deleterious to growth and GDP output in the European Union. We are doing so because we have elevated our desire to hit somebody – our desire to articulate the general anger at the banks that followed the financial crash – over the well-being of our citizens.
No-one benefits from a reduction in this one sector where up until till now we tended to have a lead. A bank cannot pay a tax any more than your television set pays the licence fee. All taxes fall on individuals. Be it the financial transaction tax or the rules on bonuses, all of these things will end up diminishing growth, and that will be paid for by citizens, both as consumers and as taxpayers."@en1
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