Dr Charles Tannock

Member of the European Parliament for London

European venture capital funds

Delivered in Plenary - 12th March 2013

Madam President, the thrust of this report on European venture capital funds is: how do we reconcile the appeals to professional investors to offer much needed risk capital to SMEs with the legitimate need to clamp down on tax havens? The reportís compromise will have to suffice for the time being; tax evasion and fraud must indeed be stopped, but at the same time we must do all we can to help finance the small businesses which form the backbone of most of our economies and whose shareholders have frequently borne the brunt of the global financial turmoil.

While the EUís institutions further debate this dilemma over the coming years, it is greatly to be hoped that businesses will receive the investment and support they need under favourable conditions for all parties and in a spirit of adequate but not intrusive regulation. In my constituency of London this will prove very good news for the city and also for small and medium-sized companies in my region.