This. Is. Huge.
We have some seriously good news to tell you! This week the European Union gave the green light (good choice of colour) to eleven countries to implement a Financial Transaction Tax (FTT).
The top European Union tax chief called it “historic” and “a major milestone in tax history”.
This is the culmination of years of work by campaigners all across Europe. The FTT has the potential to raise £30 billion of new revenue each year.
David Hillman, our man in Sherwood, said:
“We're delighted that in Europe at least, the public interest has trumped the profit of a privileged few. This historic decision is proof that making banks pay for the damage they caused is not rocket science, but a matter of fair play and political will."
But as we know, some countries - including the UK - are refusing to budge. The contrast could not be starker within the UK. The Government can't justify turning down billions in revenue to protect the super rich in the City. They consistently choose to cut services for the poorest instead.
Today’s decision shows that an alternative to austerity is possible, and that in Europe banks are now being made to pay their fair share towards a crisis which they helped cause. The UK is isolated on this issue and we need to make the feel it!
We must also keep our eyes on these European Governments to make sure this money will be used to create jobs, keep schools and hospitals open, and help tackle poverty and climate change abroad. For a Robin Hood Tax to be truly won, the money needs to be spent in the right way.
But for now, back to the celebrating. Congratulations to all you Merry (Wo)Men across Europe!
Posted by Robin Hood