Lords debate EU Committee report "Financial Transaction Tax- Alive and Deadly"

Lord Harrison (Labour), who has tabled and will open the debate, said:

“In its report the Committee reaffirmed its view that the economic well-being of the UK is likely to be put at risk by an EU Financial Transaction Tax, which we still believe is deeply flawed. With this latest development in the EU, we could see a situation whereby the decision of the splinter group of 11 Member States to press on with the FTT using enhanced cooperation, could have a serious impact on non-participants such as the UK who want to have nothing to do with it. We firmly believe that in giving this the go-ahead the Commission is failing in its duties to non-participating countries who oppose the move. I hope that this debate highlights to a wider audience the need for the UK to take this matter seriously, as the economic consequences to our country are potentially significant.”

Other Members scheduled to speak include:

Lord Davies of Stamford, former Minister for Defence Equipment and Support, Lord Kerr of Kinlochard, former Head of Diplomatic Service at the Foreign and Commonwealth Office, Lord Hamilton of Epsom, former Minister of State for the Armed Forces, and Lord Vallance of Tummel, former CEO and Chairman of British Telecom.

Lord Newby (Liberal Democrat) will respond on behalf of the Government.

Other peers set to take part include:

Viscount Brookeborough, Earl of Caithness, Lord Carter of Coles, Lord Flight, Lord Liddle and Lord Dear.