Euro MP’s call for Financial Transaction Tax

Arlene McCarthy

Ahead of the European Council meeting later this week North West Euro MP, Arlene McCarthy and Financial Transaction Tax (FTT) campaigners from across Europe will be calling on the European Union to take a lead in the formation of an International FTT.

Ms McCarthy said: “This is a key moment ahead of the G20 in November to demonstrate to Europe’s key decision makers the extent of support which is building up for an International Financial Transaction Tax.

“For too long the financial sector has been under taxed and largely exempt from VAT. It’s time that this industry started contributing to the real economy and a Financial Transaction Tax will help achieve this. ”

Ms McCarthy added: “A recent study showed how a 0.005% tax to the foreign exchange market could raise around £17.6 billion worldwide in new taxes - £7.7 billion in the UK alone. This would be new money that could go to go to fund UK poverty reduction, international development and climate change mitigation.”

“The campaign is being led by a coalition of organisations, charities, trade unions, celebrities and politicians including Action Aid, Oxfam, CWU, Comic Relief, Friends of the Earth and the NCVO to name but a few.”

To find out more visit: www.robinhoodtax.org