Marina Yannakoudakis, Conservative MEP for London, today spoke out against European Parliament proposals for an EU financial transaction tax.

Marina has long opposed an EU Tobin Tax which she believes would harm Europe’s competitiveness and drive business out of the EU, especially from her constituency of London. She voted against the tax in today’s ballot in the European Parliament.

Marina condemned the report saying: “An EU FTT will damage growth and cost jobs and let’s face facts: it is Britain which will lose most of these jobs.

“An EU Financial Transaction Tax is a tax on the City of London. France and Germany may be willing to see jobs and businesses driven out of my constituency, but I will not stand by and let London become the EU’s whipping boy.”

The vote was passed with the help of Socialist and Green MEPs including London’s Green MEP Jean Lambert. Four of the London MEPs voted against the FTT, with the capital’s Labour MEPs acquiescing to the proposals by refusing to cast a vote even though they were in the chamber:

The European Commission proposal for a financial transaction tax would introduce a levy 0.1% on stocks and bonds, and 0.01% on derivatives transactions. The European Parliament only has the right to be consulted on taxation, which must be agreed unanimously by all 27 governments.

Video of speech here: