Raised the Financial Transaction Tax in the Finance Committee

“We seem to get half-truths from both sides on the financial transaction tax rather than the full picture. As an elected parliamentarian I am keen to get the information rather than a piece of information that suits one particular side of the argument. What was said today appears to be a partial truth because it does not equate with the contribution we make to the EU and the reduction in the budget”

 

I would like any decision we make on Financial Transaction Tax to be research-driven and evidence-based. A total of 33,000 people work in the financial services centre and it has been suggested that 3,000 of those could be affected if a Financial Transaction Tax is introduced. That said, I maintain the need for research and for decisions to be evidence-based on whether such a tax would affect the economy

The Swedish model is usually given as an example of what was done in the 1980s but the Swedish model is not what is being proposed. The Swedish model allowed people to bypass the Financial Transaction Tax by trading through brokers outside the country. It is not stated that the Swedish model was changed subsequently to one we are proposing and it generates approximately €1 billion in revenue for the Swedish economy without much avoidance.

The role of this committee in the next year is to seriously examine the Financial Transaction Tax.