Local view for "http://purl.org/linkedpolitics/eu/plenary/2013-07-03-Speech-3-331-000"
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"en.20130703.36.3-331-000"2
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"Mr President, the biggest myth in this debate is that this is a tax on banks. If I have heard that phrase once in the debate I have heard it a hundred times: all taxes ultimately fall on people. It is not your house that pays the council tax, it is not your TV set that pays the licence fee, it is not your car that pays the road tax – and it will not be the bricks and mortar of the banks that pays the financial transaction tax.
Who will pay? Investors in reduced returns, bank customers, companies in higher borrowing costs and therefore of course the customers and employees of those companies. And as a result of driving capital and financiers out of Europe, it will whack up the tax bill for everybody else as they are obliged to make up their share, so all of us will be poorer in return for what the Commission itself accepts will be a reduction in Europe’s GDP.
If 11 countries are stupid enough to want to do this to themselves, that is their business, but having spent the last day listening to everyone bleating about extra-territoriality in the context of US data intercepts, I wish you would have the consistency to apply that same principle in this instance."@en1
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