European Robin Hood Tax coming closer
Reuters has today reported – and the TUC understands from its own sources – that the European Commission will be proposing a financial transactions tax at the European Finance Ministers’ meeting at the beginning of October. Details – such as the rate or rates, and the extent of transactions covered – are still unclear, and of course they are likely to change as the proposal is considered.
But any opposition from the UK is unlikely to derail the proposal, because if the UK refuses to agree to the tax at EU level, it will be applied in the Eurozone. If the proposal is tabled in early October, that will be followed a month later by a G20 discussion where the French Presidency and the EU itself are likely to push for something more global. The USA and several other G20 governments are unlikely to agree at that point, but a ‘coalition of the willing’ may well mean that other countries expand the tax’s coverage beyond the EU or Eurozone.
The Robin Hood Tax campaign in the UK – and similar campaigns around the world – will be stepping up public activism and political lobbying, such as the interactive MP-O-METER, over the next few months – starting with an exciting development next week. Watch this space…