MEPs call for EU Tobin tax
Strasbourg, 10th March 2010
Strasbourg, 10th March 2010 -- A new Financial Transaction Tax to fund climate change and development are not the right way forward, ECR economic spokesman Kay Swinburne MEP warned today after the European Parliament called for their introduction - potentially at EU level.
The European Parliament has passed a resolution suggesting that a Financial Transaction Tax could be used for "innovative financing" for climate change or development projects.
Dr Swinburne said:
"The EU must not have tax raising powers.
"The financial services industry should play its part to ensure that the crisis never happens again. Some kind of levy on financial institutions such as the Obama proposal could bare some merit. However, we must not implement an EU solution to a global problem. To do so would further reduce competitiveness of the European economy, and raise the cost of capital to businesses.
"Any financial levy should be to stabilise the financial system, not to raise revenue for unrelated projects."
Notes: the adopted text will shortly be available here (click on 10th March): http://www.europarl.europa.eu/activities/plenary/ta/calendar.do?language=EN
Contact
Kay Swinburne +33 (0)3 88 1 75687
ECR Press Office
James Holtum +32 473 861762
