Robin Hood Tax Campaign reaction to discussion of Financial Transaction Tax at European Heads of State Summit
Speaking ahead of the European Heads of State summit where the issue is expected to be discussed, David Hillman, Robin Hood Tax campaign spokesmen urged the Government to reverse its opposition to financial transaction taxes.
Hillman said: “Once again David Cameron is going to Europe to bat not for the whole of Britain, but for one Square Mile. David Cameron is happy to increase VAT and taxes on grannies and pasties but is ready to wield the UK's veto to prevent his friends in the City paying their fair share.
“The UK's opposition to an FTT flies in the face of a growing body of evidence that it would boost growth and protect our economy from future shocks as well as raising money to help those hit by a crisis they did nothing to cause.”
Notes to editors:
The European Parliament today voted in favour of an FTT by the overwhelming majority of 487 to 152.
The European Commission’s most up-to-date assessment of the impact of an FTT on European growth shows that if a significant portion of the revenue was invested in “growth enhancing public investment”, the overall effect would be positive.
Leading economists Stephany Griffith Jones and Avinash Persaud recently published a paper showing that an FTT would increase European growth by a minimum of 0.25 per cent by 2050.