#TheTimeIsNow – We need a European Robin Hood Tax
Next month, on 17 June, European Finance Ministers will gather for a crunch meeting for the European financial transactions tax (the Robin Hood Tax, or FTT). Campaigners across Europe are urging the group of countries who are negotiating the tax to make the final decision needed to bring the tax into effect, under the banner #TheTimeIsNow.
At European level, networks with more than 6,000 organisations representing millions of people – including the European Trade Union Confederation and other European unions – have written to the ten country’s leaders urging them to act. And you can join the campaign by telling those 10 leaders why you want a Robin Hood Tax at European level.
In December 2015, the leaders of 10 European countries including France and Germany gave themselves a deadline – to agree the world’s first regional FTT by June 2016. That time is upon us. The time is now.
If politicians say ‘yes’ to a strong deal on 17 June the FTT could raise billions for people and planet, helping to fight against climate change and poverty at home and abroad. A doubly beneficial tax, not only would the FTT bring in much needed revenue for government coffers, it could also provide greater oversight to financial authorities, greatly helping in the battle against tax dodgers, and change the way financial markets work so that they incentivise long-term, sustainable investment.
Not surprisingly, the financial sector is trying its very best to derail the process. They are putting pressure on politicians to change their minds and doing all they can to weaken the agreement in June – as well as telling tall tales to the media that the FTT is dead!
“History could be made this year with a tiny tax on transactions. The leaders of these ten countries must not hesitate. It’s an emergency. There is no attractive reason for delay. This tax represents a brilliant opportunity to redress the violent disparity between the rich and the poor.”
The European FTT is something that the European Union can do to show it is working for the people rather than the banks and the super-rich.