Yesterday a little bit of Sherwood to came to Brussels with the European Parliament voting in support of a €200bn (£172bn) a year Robin Hood Tax. MEPs signaled their intention for Europe to press ahead unilaterally to introduce the tax to raise money to protect public services, help the poorest people at home and abroad and tackle climate change.
The Parliament backed the report by Greek Socialist Anni Podimata to establish an EU-wide financial transactions tax (FTT) by a large majority of 529 votes to 127. This bold move has set a global standard for pressing ahead with action on the banks.
With France chairing the G20 group this year, Europe is in an excellent position to make an FTT happen. Such a move is not non binding so we must now urge MEPs to challenge their national governments to back it. The EU summit later this month must be the place where the political weight tips in favour of an FTT in Europe.
The vote has also put to rest the argument that nothing can happen without global agreement, and should push global leaders from looking at each to taking action.
Of the MEPs representing the Midlands, only two supported this crucial amendment: Glenis Wilmott (Labour) and Michael Cashman (Labour). They formed a coalition of all the Labour, Green, Plaid Cymru, and Sinn Fein MEPs, as well as two Lib Dem MEPs (Hall and McMillan-Scott), who supported the vote from the UK.
The collective Sherriff’s of Nottingham opposing the vote included all of the Conservative, UKIP, BNP, DUP and OUP MEPs, as well as almost all Lib Dem MEPs.
Although the vote is non-binding, the pieces are now falling into place for a Europe-wide bank tax. The German and French governments are both pushing this; Austria and Spain are in support and today the European parliament threw its weight behind a tiny tax on financial transactions.
It’s time the UK stopped dragging its heels and joined the rest of Europe in ensuring the financial sector pays its fair share. Why not share our delight and write to the MEPs representing the Midlands, Glenis Wilmott and Michael Cashman to thank them for supporting a Robin Hood Tax in Europe?
