UKIP: Financial Transaction Tax Now 'all but certain' |

Thursday 26th April 2012 | 15:34

UKIP: Financial Transaction Tax Now 'all but certain'

UKIP press release

*The European Union is pushing ahead with a Financial Transaction Tax (FTT). Plans for the Tax were approved in the European Parliament's Economic Committee this week. *

The tax is given its go-ahead by a report by Anni Podimata MEP which approves a Commission document which provides for the introduction of the Tax.

It is virtually unknown for a report to be stopped in Plenary once it is approved in Committee.

Commenting, UKIP's Steven Woolfe, London Assembly Candidate said:

"Today´s crazy decision by the European Union to press ahead with this aggressive and discriminatory tax is plainly a disaster for London. The EU wants to take £40 billion from UK taxes and spend it propping up indebted EU countries.

The consequences to London jobs market will be utterly devastating. Financial Institutions based in London, will join the likes of HSBC and Prudential and move abroad. Recent estimates have stated up to 500000 jobs from IT to restaurant staff will be lost.

In times of austerity and rising unemployment London needs to keep as many successful businesses here and keep our taxes for.

David Cameron promised the use of his Veto would stop the attack on the City of London. He is failing and hard working Londoners will pay the price"

*The proposed tax will,*

Cover transactions in all types of securities (shares, equity, bonds,
derivatives) and all trades in regulated or non-regulated platforms i.e.
every possible transaction

But does NOT apply to national central banks, the ECB or bodies set up by
the EU - so the EU hits everybody but itself and state central banks

Is charged on the counterparty's residence so institutions within the EU
are penalised whereas non-EU institutions are let off to encourage them to
use EU instruments

Will be at the rate of 0.1% on shares and bonds and 0.01% for derivatives

Unanimity is declared to be 'the best way to implement the proposal' though
the enhanced cooperation rules could also be used.

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