12/12/2011
Cameron Veto Could Cripple Ireland – FF
The main opposition party in the Irish Republic has said the British Prime Minister's controversial veto of Thursday's deal on the Euro will have serious consequences for Ireland's financial services industry.
Responding to the news that David Cameron refused to sign a European plan imposing stricter penalties and regulation on the banking industry, Fianna Fáil Finance Spokesperson Michael McGrath the UK's opt-out could damage Ireland's competitiveness.
Speaking on Monday, Deputy McGrath said: “Prime Minister Cameron opted out of the new arrangements because he failed to secure concessions for the financial services industry in the City of London.
"Given that a new financial transactions tax is likely to form part of the new arrangements that will apply to the other 26 EU countries, this could put Ireland’s financial services industry at a major disadvantage compared to London.
Mr McGrath said that there could soon be a situation where the financial services industry in Ireland will be subject to a new transactions tax, but the City of London will be exempt.
"Such a scenario could have serious ramifications for what is a critically important industry in Ireland. The financial services industry is highly mobile and we cannot allow a situation where London becomes a more attractive base than Ireland because of a new tax."
According to the TD, IFSC firms now employ 33,000 in Ireland while the industry is a "major contributor" to the Irish economy.
“The Taoiseach Enda Kenny needs to urgently clarify if Ireland has committed to a new financial transactions tax and to state clearly what the implications of such a tax would be for Ireland given that the UK will be exempt,” Mr McGrath added.
(DW)
Responding to the news that David Cameron refused to sign a European plan imposing stricter penalties and regulation on the banking industry, Fianna Fáil Finance Spokesperson Michael McGrath the UK's opt-out could damage Ireland's competitiveness.
Speaking on Monday, Deputy McGrath said: “Prime Minister Cameron opted out of the new arrangements because he failed to secure concessions for the financial services industry in the City of London.
"Given that a new financial transactions tax is likely to form part of the new arrangements that will apply to the other 26 EU countries, this could put Ireland’s financial services industry at a major disadvantage compared to London.
Mr McGrath said that there could soon be a situation where the financial services industry in Ireland will be subject to a new transactions tax, but the City of London will be exempt.
"Such a scenario could have serious ramifications for what is a critically important industry in Ireland. The financial services industry is highly mobile and we cannot allow a situation where London becomes a more attractive base than Ireland because of a new tax."
According to the TD, IFSC firms now employ 33,000 in Ireland while the industry is a "major contributor" to the Irish economy.
“The Taoiseach Enda Kenny needs to urgently clarify if Ireland has committed to a new financial transactions tax and to state clearly what the implications of such a tax would be for Ireland given that the UK will be exempt,” Mr McGrath added.
(DW)
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Northern Ireland WeatherToday:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.