Financial Transaction Tax and Economic and Monetary Union

I did not know that the hon. Gentleman was so close to Labour Members of the European Parliament. I am not familiar with what they were thinking at that time, but on the Labour Benches here we are keen on the principle of an FTT and I have no idea why he is not. I do not understand why Government Members are taking such a stick-in-the-mud view of the issue when it is clear that some of the obstacles that are in the EU variant could be overcome if we engaged and took a leadership role. We have dealt with the stamp duty issue. There are ways of dealing with the extraterritorial and residence issue.