MEP Cuschieri votes against socialist-backed Tobin tax

Labour MEP Joseph Cuschieri has voted against the financial transactions tax proposed in the Cornelissen vote on the 2012 annual growth survey.

Cuschieri said he was "defending Maltese and Gozitan workers" when he explained in the European Parliament his disagreement with the so called Tobin tax, which taxes share transactions.

Malta and the UK oppose the tax. British prime minister David Cameron argued that such a tax would penalise the City of London where 75% of European financial transactions take place.

Cuschieri said the Maltese financial services sectors constitutes around 15% of Maltese gross domestic product and employs 6,000. "It's not in Malta's interest... this measure can prompt the relocation of financial industry out of Malta, sending capital overseas."

Dutch green MEP Marije Cornelissen said that there would be no growth in the EU because resources were focused on dealing with the ongoing crisis in the eurozone.  "Currencies are there to serve the people, not the other way around," she concluded in her report.

The growth survey highlights a deteriorating social and economic situation across the EU and urges member states to focus on a number of key priorities, such as tackling unemployment, modernising the public sector and increasing lending to small businesses.

Cuschieri said he voted in favour of the rest of the report.

The European Parliament (EP) President Martin Schulz (S&D) said the legislature was in favour of financial transaction tax and euro bonds. "2012 is the year in which we must find a way out of the crisis. The European Parliament intends to play a constructive, committed role in that process," Schulz said at the last EU summit.

He said an overwhelming majority of the EP members called for the introduction of financial transaction tax.