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Farage: EU Financial Transaction Tax is Kamikaze Economics
Date 08/03/2011 18:08  Author webmaster  Hits 4971  Language Global
Today in Strasbourg the European Parliament voted to approve the EU Financial Transaction Tax proposal. UKIP MEPs voted against this tax, which would be levied on every bank transaction and is expected to raise €200bn annually.

Speaking during the debate on the Podimata Report last night, UKIP Leader Nigel Farage said:

"This transaction tax has been proposed here because the European Union is desparate for money. It is in so much trouble that it needs its own resources.

"This proposal is to introduce a financial transaction tax just in the European Union. However, we live in a global economy. If we become uncompetitive through tax or regulation, people simply move their businesses elsewhere.

"To do this would be an act of Kamikaze economics."

"Perhaps it (this tax) is so bad it will be good for UKIP as people recognise we should not be part of this massive Socialist experiment.

He described the EU Financial Transaction tax as "an attack on the City of London."

"If I did not now better I would think there was a plot afoot here... to stop the Anglo-Saxons getting on with their business... If we continue down this route, Britain will lose its biggest industry.

"The time has come for the City of London and the financial markets to rise up against membership of this European Union.

UKIP MEP Marta Andreasen also spoke during the debate.