FF: New EU deal could cost Irish jobs

Fianna Fáil said today that it is concerned that Ireland's financial services could end up in a weaker position because of Britain's moves to veto changes at EU level, designed to save the euro.

Fianna Fáil wants the Taoiseach to clarify the Irish position on a new tax which, it claimed, could damage the IFSC and cost jobs.

The party's Finance Spokesman Michael McGrath said that the Government needs to oppose any proposal for a financial transactions tax arising from yesterday's EU deal, adding that we cannot allow a situation where London becomes a more attractive base than Ireland.

Deputy McGrath said that this could put Ireland's financial services industry at a major disadvantage compared to London.

"I think the Government will have to insist that any arrangement that is entered into doesn't put us at a disadvantage compared to our nearest trading partner, Britain," he said.

"Because the industry has been tremendously successful in recent times, it has great potential and prospects for further growth, but I believe that growth could be damaged and stymied if such a tax is introduced which applies in Dublin and the rest of Ireland, but doesn't apply in London."