TUC urges government to end isolation on EU Robin Hood Tax

date: 22 January 2013

embargo: For immediate release

The TUC has welcomed the decision of European Union finance ministers today (Tuesday) to authorise a group of 11 countries to proceed with the introduction of a Financial Transactions Tax (aka the Robin Hood Tax), and has urged the British government to abandon its isolation on the issue.

TUC General Secretary Frances O'Grady said: '23 of the EU's 27 member governments have agreed to implement a Robin Hood Tax to make the finance sector pay for the crisis it caused. This will start with 11 countries, including four of the five biggest economies in Europe.

'Despite saying it is happy for others to go ahead, we know the British government has spent weeks trying to block this move, and has failed miserably. The Czech Republic, Luxemburg and Malta are the only countries who went along with the Chancellor's objections. Centre-right and centre-left governments across Europe have united to do the right thing.

'Introducing a Robin Hood Tax to curb gambling and speculation on the money markets while funding sustainable growth and tackling poverty would be one of the most popular things the EU could do, as opinion polls have repeatedly shown. It is a shame that our government is putting its friends in the City ahead of the interests of the British people once again.'

NOTES TO EDITORS:

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Contacts:

Media enquiries:
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Rob Holdsworth T: 020 7467 1372 M: 07717 531150 E: rholdsworth@tuc.org.uk
Alex Rossiter T: 020 7467 1337 M: 07887 572130 E: arossiter@tuc.org.uk