Euro MPs demand 'Robin Hood tax' on banks

Euro-MPs yesterday voted overwhelmingly in favour of an EU "Robin Hood tax" on banks to help fund low-carbon development programmes for poor countries.

Last month the campaign for a global tax on banks' financial transactions was launched as a way of raising money to fight poverty, tackle climate change and boost public services. The Robin Hood tax is a way to re-balance the books after the economic damage wreaked by financial excesses.

The tax would be levied on every financial transaction between financial institutions, not on transactions conducted by individuals. The tax could raise billions to plough into combating poverty and tackling climate change at home and around the world.

A resolution approved by 536-80 votes said a 'Financial Transaction Tax' could be used for "innovative financing" for tackling climate change or vital development projects. It backed a worldwide tax but asked the European Commission to look into how to implement such a tax at EU level if a global agreement cannot be reached.

The endorsement from the European Parliament is a step in the right direction in making the banks and hedge funds pay for the crisis, slow down predatory speculation and provide the funding needed to tackle climate change. Keep checking our website or sign up for e-news (on the right) to get further updates on the campaign as it unfolds.