Welsh Conservatives in the European Parliament
Dr Kay Swinburne MEP

Conservative MEPs condemn "tax on City of London", Strasbourg, 28.09.11

A planned European Union tax on financial transactions could prompt a hugely-damaging exodus of business and jobs from London, Conservative MEPs warned today.
The announcement of plans to create a European Financial Transactions Tax was a centrepiece of  President Jose Manuel Barroso's State of Union speech to the European parliament.
He claimed it was a necessary and fair way of addressing Europe's economic crisis.
But Kay Swinburne, Conservative spokesman on economic and monetary affairs, said: "This is not an EU-wide tax but a tax on the City of London."
She said that any European financial transaction tax (FTT) which included the United Kingdom but not the rest of the G-20 group of leading economic nations, would simply lead to a draining-away of business to other parts of the globe.
She explained: "Transactions can easily be moved. It is not so difficult or complicated as moving a headquarters."
Without a global agreement a European FTT would push transactions offshore to less-regulated markets. Countless jobs both in financial centres and in many related industries would be lost.
She said: "Industry experts believe banks could switch as much as 30 per cent of the value of their trades through Singapore and away from London without running into trouble from the regulators.
"President Barroso and the Commission may think they have hit upon a neat way of raising revenue - in their desperation to cobble together a plan to save the euro - but in fact all a European financial transaction tax will do is hand a huge advantage to our overseas competitors.
In a global economy the financial institutions have wide-open choice about where they trade and where they book global trades. The European FTT is an invitation to go elsewhere, and London will ultimately pay the price."
She said that if a transactions tax were to go ahead in Europe it should include only the euro-zone countries and leave Britain's financial service's sector free to compete for business unhindered.
"If there has to be an FTT it needs to be a euro-zone solution to a euro-zone problem.
"Otherwise, the UK will lose billions in tax revenues and untold jobs. The UK already has a bank levy in place which will raise £2.5 billion a year by 2012-13, ensuring that bankers are making a contribution and in a way that encourages more-stable financial practices.
"The success of the City of London must not be sacrificed in a spurious bid to bolster the euro-zone."
Join Our Mailing List Get in Touch
Welsh Conservatives

The European Commission has today designated European Protected Geographical Indication (PGI) status to the well-known Pembrokeshire Early Potato from West Wales.
The Pembrokeshire Early Potato was one of only three quality farm products whose applications for PGI status were approved today.
The EU PGI schemes protect product names against misuse and under these schemes more than 1200 products are already protected.
Commenting on this announcement from the European Commission today Dr Kay Swinburne MEP – who is from West Wales - said:
"I am delighted to see that this application to have "Pembrokeshire Earlies" added to the register of PGI products has been approved by the European Commission today."

"Achieving this prestigious status is a clear acknowledgment of the high-quality and distinctive produce we continue to deliver in Wales. Pembrokeshire Early Potatoes thoroughly deserve their place alongside the well-known food and drink products from right across the EU which already feature on the PGI register."


Kay was delighted to host an event to celebrate Higher Education, Science and Innovation in Wales last night in the European Parliament.  The event builds on the British Council’s “Strategic Analysis of the Welsh Higher Education Sector, Distinctive Assets”.  A number of experts spoke to share their views of Welsh HE at the event and how it can develop in the future.

In advance of the 'Fox-Hafner Report' vote on the single seat for the European Parliament, Kay and the other UK Conservative MEPs feel it is right to draw attention to the fact that the seven-year cost of the dual-seat arrangement comes to £928,000,000. Since her election to the European Parliament in 2009, Kay has strongly supported bringing the monthly Parliamentary meetings in Strasbourg to an end and therefore saving taxpayers a considerable sum of money.


Kay was delighted to meet Malala Yousafzai, who was awarded the EU's Sakharov Human Rights Prize at the European Parliament today.

Following Malala’s speech to the European Parliament, Kay said, “What an inspirational speech Malala gave to the Members of the European Parliament today. As a mother of young children myself, I hope that they can also aspire to achieve like her. Malala is an exceptional young lady who has overcome adversity by tremendous force of character and a passionate belief in the right of everybody to enjoy and benefit from education.”   


Kay was very pleased to meet with members of the Advanced Manufacturing Research Group at the European Parliament in Brussels, one of four groups set up in key Welsh research strengths to engage with EU research funds. The delegation visiting Brussels included representatives from Cardiff University, Bangor University, Swansea University and Trinity St.Davids University.

In advance of tomorrow's European Council meeting of leaders, Dr Swinburne has echoed the recommendations made in a recent report published by a number of business leaders, which highlights the importance of removing barriers to business competitiveness in Europe and getting rid of burdensome legislation by cutting EU red tape.

Last year Dr Swinburne encouraged businesses in Wales to highlight to the European Commission which over-burdensome regulations they would like to see slashed, by writing to small businesses all over Wales and asking them to tell her their red-tape problems.

Electronic cigarettes no longer face being taken off the shelves by the EU after Conservative MEPs were successful today in amending EU legislation on tobacco labelling.

Conservative MEP's led the amendment to defeat proposals that would have classified e-cigarettes as medicinal products, meaning they would have to undergo an overly burdensome and costly authorisation procedure, which would go beyond the procedures for traditional tobacco products... (Read more under 'Articles')



Welsh Conservative MEP Kay Swinburne has been sitting down with leaders in Europe's biotech field to choose the top five candidates to compete in this year's EuropaBio Most Innovative EU Biotech SME Award.

As a member of this year's judging committee, Kay is once again supporting the EuropaBio award, which has attracted applications from all three sectors of biotechnology - healthcare, industrial and agricultural, from across the EU... (Read more under 'Articles')


WELSH Conservative MEP Dr Kay Swinburne today hailed a vote in the European Parliament as a "wake-up call" in the battle to save Europe's endangered languages.

MEPs meeting in Strasbourg backed a report which calls on governments across the EU to develop action plans to encourage continued linguistic diversity.

The report, written by Corsican MEP François Alfonsi, also says governments should be "more attentive" to threats which may lead to languages becoming extinct.

Dr Swinburne, who was a shadow rapporteur for the report, has argued that Welsh can be seen as a positive example of language revitalisation which communities across the EU should follow... (Read more under 'Articles')

Contact Us
Dr Kay Swinburne MEP
Rhumney House
Copse Walk
Cardiff Gate Business Park
CF23 8RB

Tel: 029 2054 0895

National Political Party: Conservative Party
European Group: European Conservatives and Reformists Group (ECR)

European Conservative and Conformist Group
© Copyright Kay Swinburne 2013 | All rights reserved. | Photographs of the Parliament supplied by Adam Issacs.

Website design in Cardiff by Designer Websites Ltd