For immediate release:
Today (Tuesday 23 October), the European Commission has given the green light to the Financial Transaction Tax plans of ten countries, saying all legal conditions have been met.
In response, David Hillman, spokesperson for the Robin Hood Tax campaign, said:
"We are delighted that the European FTT is moving from rhetoric to reality and will ensure banks pay for the damage they have caused.
"This shows it is possible to put the needs of the public over the profits of a privileged few.
"It's unforgivable in this age of austerity that the UK Government is turning down billions in additional revenue to protect the City's elite."
As the European Commission press release says:
“the FTT would ensure a fairer contribution from the financial sector to the public purse. It would create a more level playing field between the financial sector and other sectors in covering the costs of the crisis. Finally, a common FTT would make financial markets more efficient, by steering them away from casino-type trading to more stable activities which support the real economy.”
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Notes to editors:
• The European Commission's press release is here: http://europa.eu/rapid/press-release_IP-12-1138_en.htm
• The Robin Hood Tax campaign is a coalition of 117 UK organisations including Barnardo’s, Comic Relief, Oxfam, Friends of the Earth, Stamp Out Poverty and the TUC: www.robinhoodtax.org.uk
• The campaign has more than 250,000 supporters and is endorsed by over 1,000 economists and politicians from all main political parties
• The campaign is calling for new financial sector taxes to help tackle poverty and climate change, at home and abroad