1. The Banking Union What is the Banking Union? In response to the recent financial crisis, the European Commission pursued a number of initiatives to create a safer financial sector for the Single Market. These initiatives form a Single Rulebook … read more
The Banking Union must be completed if it is to deliver its full potential in making the Economic and Monetary Union (EMU) more stable and resilient to shocks, while limiting the need for public risk sharing. This is beneficial for … read more
Commissioner Margrethe Vestager, in charge of competition policy said: “Portugal has decided to sell Novo Banco to a new private owner, who will restructure the bank to return it to viability. We have approved Portugal’s plans to grant State aid … read more
Peter Dowd MP, Labour’s Shadow Chief Secretary to the Treasury, commenting on reports that Ebay only paid £1.6 million in UK tax despite registering $1.3 billion in revenue in Britain in 2016, said:
“As every day passes it is increasingly clear that this Conservative Government is incapable of tackling tax avoidance and ensuring that multinational corporations pay their way. The growing discrepancy between the revenues companies like Ebay record and the low level of tax they pay in the UK, only demonstrates how divorced from the reality of the modern economy our corporate tax system has become.
“The next Labour government will introduce our Tax Transparency and Enforcement Programme which will clamp down on tax avoidance and build an economy which works for the many, not the few.”
read moreTom Watson, Labour’s Shadow Secretary of State for Digital, Culture, Media and Sport, commenting on accusations the Conservatives have rolled back on manifesto commitments on internet safety, said:
“The Culture Secretary seems to have bowed to pressure from the social media giants before her strategy had even been published.
“The Tories made a clear and unambiguous promise in their manifesto to bring forward legislation to compel social media providers and other internet firms to pay a levy – but it’s now been watered down to a voluntary levy. We know from the gambling industry that a voluntary system allows companies to ignore their responsibilities and to underpay. Karen Bradley should keep her promise and make sure the tech giants do the right thing.
“They have had nearly a decade to deal with these issues and failed. I find it hard to believe a voluntary code will change much. They may evade appropriate regulation from the Tories but they should know that a future Labour government will not succumb to their lobbying power.“
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