Financial Transaction Tax and Economic and Monetary Union

The health of the financial services industry is important not just to London and New York, but in my constituency and my city as well. Is not the crucial point that we need international negotiations and international agreement on a way forward? We are all concerned about the impact on jobs in our constituencies. I know that in my area the biggest damage to the financial services industry has been the vagaries of the market, and the uncertainty and instability. That is what we need to tackle.