Financial Transaction Tax and Economic and Monetary Union

I am grateful to the Minister for apparently making the argument for international co-operation i...

I will come on to the hon. Gentleman’s point. I would point out that President Obama and his Trea...

What obligation would the British Government be under either to enforce or to collect this tax if...

That goes to the heart of our concern, because under the mechanism set out, we would be under suc...

Does the proposal not expose the beguiling attraction of allowing enhanced co-operation as a gest...

My hon. Friend makes a powerful point. That is precisely why we are challenging the legitimacy of...

What would be the implications of the UK’s rejection of the FTT? Would the Government raise the b...

As the hon. Lady helpfully points out, we, unlike many other European countries, have a bank levy...

I am not entirely clear about the Government’s policy. I think that, once upon a time, the Chance...

In fact, we already have a financial transaction tax. It is called stamp duty, and it has existed...

The Financial Secretary mentioned stamp duty. Stamp duty has an extra-territorial application, wh...

I shall say more about stamp duty shortly, but I am sure the hon. Lady, who I am sure is a studen...

The right hon. Gentleman is a fair-minded Minister when it comes to most matters on which I have ...

I am grateful to the hon. Gentleman for his kind words, but when we have a chance to participate ...

In the context of transparency, does the Financial Secretary agree that creating an unlevel playi...

My hon. Friend is right. This runs contrary to the whole direction of the reform that we have bee...

If an FTT were imposed on us, where would the money be sent? Would it be sent to the EU, a countr...

It would go to the country which was liable for the transaction tax that fell due there, but it w...

Does my hon. Friend agree that in the context of the City of London needing to be attractive for ...

I agree. It is not only the London economy that would be damaged; the whole European economy woul...

The hon. Member for Nottingham East (Chris Leslie) says, “Ah, the Financial Secretary is against ...

That is absolutely right, although one of the unsatisfactory aspects of the FTT proposal is that ...

I am pleased to hear my right hon. Friend make those comments, but the vision so clearly set out ...

My hon. Friend is right, and that is why I was keen to have this debate and make sure the Committ...

I hear what my right hon. Friend says, but in the light of the assumption, based on what the Chan...

We have taken the view that the problems in the euro area that require resolution should be resol...

Monetary union is like having a bank account with the neighbours, and now the neighbours who have...

We have been very clear, and the single supervisory mechanism is a good example, as I have said. ...

That was a specific point, but I want to say that it is not only Members of the right hon. Gentle...

Order. Mr Connarty, you were late coming in, so then to make such a long intervention is not good...

The hon. Gentleman makes a powerful point, and I was wrong in seemingly indicating that it was on...

I wholeheartedly support the principles set out on the primacy of national Parliaments in the Pri...

Order. Mr Jenkin, I have mentioned that we want short interventions. That was your second interve...

Thank you, Mr Deputy Speaker, I will be brief. Of course these are not panaceas; they are not sol...

I beg to move amendment (a), leave out

‘further notes that the proposals for the Financial ...

There seems a slight illogicality in what the hon. Gentleman has been saying. He says that he wan...

The Minister was talking about the European variant of the FTT, but of course he was forced then ...

The hon. Gentleman will know that stamp duty follows the issuance principle—in other words, the t...

Why on earth then does the Minister not engage in the process, change people’s minds, get a bette...

May I apologise to the Minister for coming in a little late? The same argument was used about the...

The public are sick and tired of hearing more of the same from the Government—no solutions, just ...

I just want to clarify that my position and that of my party is that a financial transaction tax ...

I shall set out our position clearly: we do not think that the EU variant of the FTT is optimal. ...

The shadow Minister is absolutely right: I did not disagree with a single word he read out. It wa...

Oh dear, oh dear, oh dear! The hon. Gentleman cannot seriously be suggesting that he is going to ...

Well, of all the ingenious ways to concoct a rationale. It is very instructive that out of all th...

It is a sentence that takes note of something self-evident. Of course there is a challenge—we all...

Will the hon. Gentleman give way?

I want to make some progress, as there is not much time.

For the longer term, we must recal...

Do the Opposition think that a bank headquartered in London, with its group corporate structure i...

I think that any financial institution that could have a systemic impact on our economy and UK fi...

I am intrigued by what the hon. Gentleman has just said. He cites the House of Commons Library, w...

I think that we need to have a financial transaction tax, ideally in concert with other internati...

The health of the financial services industry is important not just to London and New York, but i...

There are others who make compelling arguments about the need for intervention on the volatility ...

When did this change in Labour’s policy come about? I distinctly remember, when I was in the Euro...

I did not know that the hon. Gentleman was so close to Labour Members of the European Parliament....

What is the hon. Gentleman’s assessment of the impact on job losses and costs to savers and pensi...

I do not think there would be any such impact if we designed the FTT correctly and implemented it...

Surely the hon. Gentleman must realise that if there is a financial transaction tax, that money h...

The hon. Lady knows very well that millions and possibly billions of financial transactions take ...

Is not the answer to the Minister that Government Members want to protect the bankers? They do no...

It sounds that way. The Government’s reticence to get involved and start engaging is telling. I s...

My hon. Friend is making a much more moderate speech than I expected. He has made some serious lo...

I want to do what we can to persuade New York in particular that including London and its financi...

rose—

Order. There is now a six-minute limit on contributions, which will leave a few minutes at the en...

I thank the Financial Secretary for his extremely diligent approach to the debate. He has dealt w...

I thank my hon. Friend for highlighting this crucial issue and bringing it to the attention of th...

We have a long way to go, and in fact the journey is becoming longer. I am extremely glad that we...

Order.

3.17 pm

GDP is a measure of productivity, but it is not a measure of wealth, and it is not a measure of g...

My hon. Friend is making some strong points. Does he recall Lord Turner describing some of the ac...

My hon. Friend is absolutely right. The public want politicians to get back to focusing on the re...

I begin by referring Members to my declaration of interests and by celebrating the 198th annivers...

The hon. Gentleman was doing so well, but unfortunately the level of scaremongering undermines hi...

There is no case for a financial transaction tax. It would be enormously destructive of this coun...

The hon. Gentleman is making a dramatic and scaremongering speech. If the FTT is such a terrible ...

I seem to remember that 365 economists said that Margaret Thatcher had got it wrong in 1981, but ...

Will my hon. Friend give way?

I apologise, but I will not, as I have only 45 seconds left, and counting. I have had two extra m...

I have news for the hon. Member for North East Somerset (Jacob Rees-Mogg). Bill Gates was not an ...

Before my hon. Friend moves on, I want to ask a question related to an international financial tr...

That is part of a separate debate, but I agree that all territories controlled by any of the worl...

In the couple of minutes available to me, I will attempt to respond to what has been a spirited d...

Good.

It was fainter praise than good.

I am grateful to my hon. Friend the Member for Stone (Mr C...

Will the Minister give way?

No, I only have a couple of minutes.

On a point of order, Madam Deputy Speaker. It is important that the Minister’s misinterpretation ...

Order. That is not a point of order, but a point of debate. Resume your seat, Mr Leslie.

I am grateful, Madam Deputy Speaker. It will be clear for people to see on the record that this i...