Jill Evans MEP urges Labour to follow Europe’s lead

Jill Evans MEP today voted in favour of introducing a Financial Transaction Tax (FTT) at the European Parliament in Strasbourg. The FTT (known popularly as the Robin Hood tax) could potentially raise £45billion annually.

Ms Evans said,

“It is time for the banks to give something back to the people. This FTT would raise millions of pounds which could be used to help those suffering most in the financial crisis as well as for international development and fighting climate change. Throughout Europe public finances have been used time and again to bail out the banks, leading to cuts in public services. The financial sector which has received massive injections of public money now have the opportunity to repay that debt.

Ms Evans continued,

“It is well known that the UK government is totally opposed to the FTT and has threatened to block it in Council. Labour, on the other hand, seem confused as to whether they support it or not. Carwyn Jones pledged his support in February of this year when he said that a Financial Transaction Tax “is perfectly reasonable and offers an important practical way for the finance industry to demonstrate its contribution to society.” However, in the Senedd yesterday he took the opposite view and his MEP colleagues abstained from the vote today.

“Plaid Cymru has long campaigned for a fairer tax system to invest in growth and develop a more sustainable economy. The Financial Transaction Tax is part of that and will help deliver the global Robin Hood Tax which we will be pushing for. I welcome the huge majority in Parliament who agreed that the very wealthy cannot continue to receive tax-cuts, whilst 99% of the population suffers financial hardship.”

Ends.