Vote records expose tough talk sham

Friday, 7th October 2011

As speculation continues over a possible financial transaction tax for the City of London, it appears that Dr Kay Swinburne, a leading Conservative MEP, is not as dedicated to protecting one of the world''s leading financial capitals as she suggests according to UKIP's analysis of her voting records.

On the 11th November 2010, Conservative MEPs voted to support a proposal for a directive on alternative investment fund managers (A7-0171/2010). This directive saw the regulatory control of the UK financial sector pass to the newly created European Security and Markets Authority (ESMA). Previously, control of the UK financial sector was the responsibility of the UK government. The combination of increased regulation and the new powers of ESMA saw a number of hedge funds leave London for non-EU Switzerland. Supporting this directive has seen a loss of jobs and taxation from the City of London.

Dr Swinburne, Conservative MEP for Wales and spokesperson on economic and monetary affairs, supported the proposal. She was recently reported as saying that there was an urgent need for "constructive communications" over financial regulation.

Prior to this in September 2010, all but three Conservative MEPs voted in favour of a proposal for establishing the ESMA (A7-0169/2010).

Dr Swinburne also put into writing the feelings of the ECR Group, where the Conservative Party sit in the European Parliament.

On the subject of giving greater supervisory financial control she said: "The ECR fully supports the establishment of the European Supervisory Architecture, and particularly the ESRB and the single rule book for financial services within the EU. Although the group felt able to lend its support to the majority of the compromise text, there are some areas in which dialogue with the Council and Commission had advanced further than the text reflects. The ECR looks forward to continued dialogue from all sides to reach a first reading agreement which all Member States feel able to support."

The are numerous other proposals that Dr Swinburne has voted in favour of including 'A Proposal on EU Supervision of Financial Entities within a Financial Conglomerate'; the creation of an 'European Insurance and Occupational Pensions Authority ' and a 'Proposal for Establishing a European Securities and Market Authorities'. All of these proposals strip away regulatory control form the City of London and hand it to Brussels.

Godfrey Bloom MEP, UKIP's City of London spokesman, said: "Questions have to be asked about the Conservative Party's true commitment to protecting the City of London.

"Dr Swinburne talks a tough game but records show that she and her colleagues voted to give regulatory control to ESMA which has had a negative impact on the City. She has also supported proposal after proposal which will see the end of the City of London as we know it.

"Can the Tories be trusted to protect one of the world's leading financial capitals from further EU restriction and taxation? Given their current track record, I think not. Actions always speak louder than words."