Eleven EU countries received overwhelming support to pursue introduction of Financial Transactions Tax. The countries involved account for 90 per cent of the Eurozone's Gross Domestic Product.
Brussels (13 Dec. 2012) - The European Parliament has voted overwhelmingly in favour of a Financial Transactions Tax (FTT and commonly referred to as a Robin Hood Tax).
Advocates for the tax around the world, including the National Union of Public and General Employees (NUPGE), are welcoming the news.
Responding to the news David Hillman, spokesman for the Robin Hood Tax campaign in the U.K., said that “MEPs have sent a clear message that the banks must pay for the damage they have caused."
Eleven EU countries planning to introduce a FTT received the go-ahead from MEPs in the vote. This is highly significant as these countries account for 90 per cent of the Gross Domestic Product of the Eurozone.
The text of the adopted resolution stresses that the goal should still be a worldwide FTT and urges the EU to continue campaigning for it.
“The tax will raise at least €37bn per year for the countries involved whilst reining in the worst excesses of the financial sector," said Hillman.
“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 are Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain.
The Council now needs a qualified majority vote to turn the FTT plans into reality.
The National Union of Public and General Employees (NUPGE) is one of Canada's largest labour organizations with over 340,000 members. Our mission is to improve the lives of working families and to build a stronger Canada by ensuring our common wealth is used for the common good. NUPGE