The good news just keeps rolling in to Sherwood. The 11 European countries pushing for a financial transaction tax aren't hanging about!
The 11 countries have lodged their official request with the European Commission asking for a financial transaction tax via the 'enhanced cooperation' procedure. The European Commission have this week given the green light confirming that all legal conditions have been met and that the countries can now proceed. They also indicated that part of the revenue should be spent on “growth-promoting activity or to meet development aid commitments”.
So, what next? There are now just 2 hurdles to jump before the tax will begin: it must pass a vote in the European Council and a vote in the European Parliament. This could happen as early as mid-November and for this to happen before the end of the year would be a huge success!
In the mean time, some countries aren’t waiting around. France has already started their own financial transaction tax with Portugal hot on their heels.
This exciting (and speedy) progress in Europe shows us that it is possible to ensure that banks pay their fair share. Yet still the UK refuses to back the tax – turning down billions in vitally needed new revenue especially during the times of austerity.
Keep up the pressure and ask the UK Government join the newest and merriest band in town.