North West Region

EU Stealth Taxes Condemned

EU Stealth Taxes Condemned

February 18, 2014

UKIP City Spokesman condemns EU plans for Stealth Tax on Pensions and Financial Transaction Tax

The EU’s financial transaction tax has been slammed by UKIP’s City spokesman Steven Woolfe following reports that it could cost British savers £3.6bn.

“The Capital Economics report commissioned for CITY UK and the City of London Corporation shows that any FTT will wipe out £3.6 billion of UK savings and leave pensioners and savers further impoverished.

“They have been hit hard enough already with low interest rates and high energy costs. Now the EU want to steal directly from their pension pots and tax their investments. It is EU bank robbery,” said Mr Woolfe, prospective MEP for the North West.

“When will City UK and the London Corporation wake up and realise they can’t have it both ways. They can’t remain a part of the EU and be outraged that has imposed laws that damage the very industry they profess to protect.

“We have been a member for over 40 years. We have engaged, been part of the negotiations, placed our hearts, minds and sensibilities at the top table of negotiation on those laws. We have lost and the game has changed. With every new country the EU accepts into its club our power weakens as qualified majority voting diminishes our influence.

“Our City has been under threat for many years. Are the pro-EU City supporters going to let it die without a fight or help us free us from its burdensome claws and unleash our unredoubtable competitiveness free into a global world?

“The past few weeks have seen a flurry of EU initiatives and proposed laws the effect of which will be to increase costs on financial institutions, surreptitiously impose stealth taxes on its citizens and also “mobilize more personal pensions for long-term financing of EU projects”, EU speak for expropriating your savings and accumulated capital.

“The driver for this is a clear recognition that the Eurozone financial crisis is far from over and that recovery and redistribution needs to be paid for. Germany and France do not intend to pay for themselves so its open hunting on the savers of Europe,” said Mr Woolfe.

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