Derek Vaughan MEP

Working hard for Wales in Europe

Robin Hood takes his message to Welsh Labour MEP

Campaigners for a new Robin Hood tax have made their case to local Labour Member of the European Parliament Derek Vaughan.

Charities including Oxfam and Friends of the Earth are calling for the tax, which would place a tiny levy on the international operations of big banks.

The idea is for the money raised to be used to support public services and to help tackle global poverty and climate change.

Campaigners brought their message to the European Parliament on Thursday morning (25 March) ahead of an EU summit in Brussels.

Labour MEPs have backed the idea of a levy on international financial transactions, something which is currently being discussed by world leaders.

Welsh Labour MEP, DEREK VAUGHAN, said:

"This isn't something that would affect consumers who send money abroad. It's about the really big transactions made by international financiers.

The recent economic crisis was a global event. An international transaction tax would reduce volatile and risky financial speculation while raising billions to help tackle climate change and help developing countries who have been hit hardest by the crisis.

Lots of my constituents have already contacted me in support of the Robin Hood tax campaign and it's great to see the message being taken out to politicians from across the EU.

It's time for global action to ensure that international finance pays its fair share."

Earlier this month (10 March) the European Parliament backed a resolution calling for the European Commission to make progress on ways to implement such a tax, which is currently under discussion by the G20.

The concept of a Financial Transaction Tax was originally developed by Professor Tobin in the 1970s. His original proposal for a tax on international currency transactions has been superseded by a broader tax which could be levied on all financial transactions. The financial crisis has reinvigorated debate about such a tax, with Gordon Brown leading this by raising the issue at the G20. A Financial Transaction Tax could serve a number of purposes, including repaying society for the cost of the rescue of the financial system, raising significant amounts of finance for development and climate change needs, and reducing the volatility of financial markets.

For more information on the Robin Hood Tax campaign please see www.robinhoodtax.org

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