Local view for "http://purl.org/linkedpolitics/eu/plenary/2017-01-18-Speech-3-175-000"
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"en.20170118.19.3-175-000"2
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"Mr President, I would like to try again to explain what a thoroughly bad idea the Financial Transaction Tax is. Don’t you know who will pay it? It won’t be the fat cats in financial services: it will be their customers, investors. You demonise them, but they are responsible folk investing for their future in the hope that they will not become a burden on the state – mostly people saving for their pensions. When costs rise, the less well-off will be discouraged from investing in their future. An ever larger group of people will become ever more dependent on the state – but that’s what you want, isn’t it? A whole generation crushed by tax and regulation. That’s what this place is all about.
In the process, you will discourage business from using capital markets and encourage investors to look outside the EU. The costs and risks of investing in Europe are being driven higher at a time when the returns of investing elsewhere are much more enticing. I’m relieved that the UK will not be taking part in this tax on pensions, but for your sake I despair of the economically illiterate fiscal incontinence that will drive down your ability to be competitive, and of course the business will move to the City of London."@en1
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