This.Is.Huge.

Seriously good news! Last week Europe gave the green light to eleven countries to implement a Financial Transaction Tax (FTT).

The top EU tax chief called it “historic” and “a major milestone in tax history”.

It 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, Director of Stamp Out Poverty and spokesperson for the Robin Hood Tax campaign 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, such as the UK are at the back of the class. David said:

“The contrast could not be starker with the UK – how can the Government justify turning down billions in revenue to protect the super rich in the City, choosing instead to cut services for the poorest?”

Last week’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 them 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, revenue need to be spent in this way!

But for now, back to the celebrating!

From the Stamp Out Poverty team