This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.
X
MM+Cover+small+181214
Categories:Politics

Euro financial transaction tax is 'a pipedream'

  • Print
  • Comment

Proposals for a European financial transaction tax are a “pipedream” with little chance of being introduced, according to Labour MEP for the South East Peter Skinner.

Earlier this month, the European Parliament backed a report by Greek socialist MEP Anni Podimata calling for a tax of between 0.01 and 0.05 per cent on all transactions at a European level.

It formed the Parliament’s submission to a European Commission consultation on financial services taxation.

Skinner, who is a member of the economic and monetary affairs committee, voted in favour of the report but says he supports the principle of financial services taxation rather than the specific proposals put forward by Podimata.

Skinner says: “Anything to do with taxation has to be dec- ided with unanimity and that is not forthcoming, so even if one country opposes it, it cannot go ahead. There was not enough detail, it is not a realistic proposal, so this is a pipedream.

“The report is helpful to get a message across that as an idea it is something most MEPs want to get behind, although, for me, it should only take place on a global level through the G20.”

Economic and monetary affairs committee chairman, UK Liberal Democrat MEP Sharon Bowles says she voted against the report because the Euro Parliament wants to push ahead with the tax even if it cannot be introduced internationally.

UK Conservative MEP committee member Vicky Ford also voted against the report, saying a European tax would be “a tax on the City and especially small investors” and used for funding EU “pet projects” which would see some firms move out of the UK.

  • Print
  • Comment

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

The Money Marketing CPD Centre
Build your annual CPD - you can log and plan your CPD hours for free with The Money Marketing CPD Centre.

Money Marketing Awards 2015
Put your firm forward as the leading practitioner in your field. Adviser and Advertising categories are open to entries - Enter Now.

Have your sayEdit my profile/screen name

You must sign in to make a comment

AXA Wealth


Fund Data

Editor's Pick



Poll

Will providers be forced to pay out compensation over annuity misselling?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments