For immediate release:
France's new Financial Transaction Tax comes into effect today – big step forward for the Robin Hood Tax campaign
This is a big victory for the Robin Hood Tax campaign
A larger scale FTT is already planned by European countries later this year - pressure is now on the UK Government
The 0.2% tax on French share transactions is expected to raise half a billion euros next year
Francois Hollande has indicated a proportion of the revenue will be used to help fight global poverty and HIV-AIDS
David Hillman, spokesperson for the Robin Hood Tax campaign, said:
“It's great news that France is forging ahead with a Robin Hood Tax - showing it's capable of putting the interests of people before the profits of a privileged few.
“Europe's biggest economies are making the banks pay their fair share for the damage they've caused - the
UK Government could do the same but instead chooses to protect their friends in the City.”
The French tax is a precursor for a more ambitious FTT that nine European countries plan on implementing as early as December this year, via the Enhanced Co-operation procedure. They include Europe's biggest economies (67% of European GDP) with the notable exception of the UK. The tax of between 0.01% - 0.1% would apply not just to shares, but to bond and derivative transactions and raise as much as euro 34 billion.
The French FTT is similar in design to the UK's own Stamp Duty on shares that raises more than £3 billion a year, yet the UK rarely mentions the Stamp Duty as it undermines its own arguments against the tax.
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Notes to editors:
The Robin Hood Tax campaign is a coalition of 115 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.