EU banking union sets in place the basis of a multi-speed Europe
Posted,5/22/2013 1:00:00 PM
An agreement reached on the EU Banking Union is a 'seminal' moment that sets in place a mechanism for a multi-speed EU, Kay Swinburne MEP said today as MEPs held a vote on a single supervisor for Eurozone banks.
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Yes to tackling tax evasion - No to a common euro-tax!
Posted,5/21/2013 9:00:00 AM
Conservative MEPs will today refuse to back moves which they fear would be a first step towards a common corporation tax - imposed right across Europe and decided in Brussels.
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Don't fall for UKIP's cheap soundbites and scare tactics
Posted,4/27/2013 5:00:00 PM
Kay Swinburne, Conservative MEP for Wales, today set out her vision of a reformed Europe that works in our national interest - and warned against the scare tactics of UKIP.
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Fresh evidence of FTT damage
Posted,4/3/2013 1:00:00 PM
New research on the potential impact of the EU's planned Financial Transactions Tax is further evidence that the move is ill-conceived and will create unintended damage. The study, commissioned by the Corporation of the City of London, demonstrates the potential of an FTT to cause collateral damage to the economy and to prospects of recovery, according to Kay Swinburne MEP, Conservative spokesman on finance and economic affairs in the European Parliament. According to the report compiled by by London Economics and published today, an FTT would lead to investors demanding an extra yield for purchasing Government bonds. That would add nearly £4 billion to the cost of issuing Government debt. The expense will arise even though Britain has not signed up to the proposal. Dr Swinburne said: "The full consequences of this meddlesome tax continue to be revealed. The EU authorities have consistently denied the true extent of the harm. As I have said all along, this tax is not only bad for the City of London but also very bad indeed for Europe as a whole. "As member states struggle to steer their economies towards recovery, this kind of extra pressure on the cost of borrowing is the last thing they need."
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EMIR vote cancellation means MEPs' message is getting through
Posted,2/7/2013 1:00:00 PM
A decision today by the European Parliament to withdraw a controversial motion on EMIR derivatives regulation - in advance of an impending vote in Strasbourg - is a sign that MEPs' concerns have hit home, a senior negotiator on the legislation has said. Kay Swinburne MEP, Conservative spokesman on economic and monetary affairs, was successful earlier this week in raising two key issues relating to regulating trading in so-called over-the-counter (OTC) derivatives. She persuasively argued that the clauses over-rode the clear wish of MEPs that smaller non financial-services businesses, which may rely on OTC derivatives to hedge against currency and interest-rate fluctuations, should not be disproportionately caught up in the regulation. Today she said: "The Commission has acknowledged that the parliament's concerns are valid. When providing guidance on how EMIR will be implemented for non-financial end-users of derivatives products there will be a long phase-in, and flexibility for supervisors in how the rules are applied. "My major concern that corporate users of derivatives would not be able to participate without expensive systems has been recognised by the commission which will give legal certainty on this issue in the coming days, and make clear that manual confirmation process will be acceptable. "I welcome the very clear statement from the commission that they will work more closely with the Parliament concerning such detailed rule-making in the future and hope that their promises will be backed up by concrete action to ensure a better rule-making process for financial services legislation going forward."
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