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date: 10 December 2009

embargo: For immediate release

Financial Transaction tax would tame finance and reduce the deficit

Commenting on the report Risk, Reward and Responsibility: The Financial Sector and Society published today (Thursday) by the Treasury, which sets out possible measures to reform the financial sector, TUC General Secretary Brendan Barber said:

'This is a very welcome document. It makes an overwhelming case for a financial transactions tax - one of the best ways of both taming finance and ensuring it makes a fair contribution to the rest of society.

'Clearly an international approach would be best, but there is still room for a domestic version to help reduce the deficit and provide some pay-back for all the support tax-payers have provided the banks.'

NOTES TO EDITORS:

- In its submission to the Pre-Budget Report, the TUC proposed a 0.05 per cent transaction tax on instant sterling transfers between UK financial institutions, which could raise up to £30 billion a year.

- Further information on the TUC's transaction tax proposal is available at www.tuc.org.uk/extras/pbrsubmission2009.pdf

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Contacts:

Media enquiries:
Liz Chinchen T: 020 7467 1248 M: 07778 158175 E: media@tuc.org.uk
Rob Holdsworth T: 020 7467 1372 M: 07717 531150 E: rholdsworth@tuc.org.uk
Elly Brenchley T: 020 7467 1337 M: 07900 910624 E: ebrenchley@tuc.org.uk

Press release (300 words) issued 10 Dec 2009