In response to the European Parliament’s overwhelming vote today in favour of a Financial Transaction Tax,David Hillman, spokesman for the Robin Hood Tax campaign, said:
“MEPs have sent a clear message that the banks must pay for the damage they have caused.
“The tax will raise at least €37bn per yearfor the countries involved whilst reining in the worst excesses of the financial sector.
“At a time when the country is faced with welfare cuts and increased austerity, it is incomprehensible that George Osborne continues to put the City profits before public good and turns down the opportunity to raise billions in much-needed revenue.”
The 11 countries involved make up 90% of Eurozone GDP, 66% of EU GDP, and will collectively raise at least €37bn per year.
Four of the EU's five biggest economies are on board, with the notable exception of the UK.
Germany alone will raise approximately €10bn per year.
The countries involved: Germany, France, Italy, Spain, Belgium, Austria, Greece, Portugal, Slovakia, Slovenia, Estonia
For more information contact:
Tricia O’Rourke on 07920 596 358 or firstname.lastname@example.org
Jon Slater: 07876 476 403 email@example.com
Note to editors
The European Parliament resolution – 533 voted in favour, 91 voted against, 32 abstentions.
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.