8 March 2011 – The European Parliament today reiterated the call for the introduction of an EU-level financial transaction tax, as part of a report on innovative financing adopted by MEPs.

Keith Taylor, the Green MEP for South East England spoke in parliament yesterday to highlight the work of the Robin Hood Tax campaign and to urge MEPs to vote for the tax. This morning MEPs voted in favour of introducing a tax on financial transactions.

The Greens have long called for the introduction of a financial transaction tax and welcomed the vote.

Keith Taylor commented: “Greens have long championed the introduction of a financial transaction tax, both as a means of curbing harmful speculation and as a new source for generating public revenue. Public austerity is biting deep yet banks have billions to spend on bonuses and tax avoidance. The Robin Hood tax is both a potentially significant source of revenue and socially just.

“The tax will also serve as a disincentive for risky speculation, which was partly responsible for the banking collapse in the first place. It is time for the Commission and member states to stop stalling.”

Jean Lambert added: “The financial transaction tax represents an excellent opportunity to find funds necessary to support essential projects threatened by the current economic situation, such as those designed to tackle climate change.”