From the TUC

Merkel and Sarkozy step up tempo on Robin Hood Tax

17 Aug 2011, by in International

As part of their agreement yesterday – which in general still falls well short of a solution to the Eurozone’s problems, as the ETUC pointed out – French President Sarkozy and German Chancellor Merkel did at least agree that their Finance Ministers would come up with formal proposals for a European Financial Transactions Tax by the end of September to feed into the EU’s discussions. This isn’t a huge leap forward – they are both known to support a European Robin Hood Tax – but it now means that rather than individual support for the idea, their governments will now make one single, formal proposal. Details will still need to be worked out and then examined, and there will in particular be concerns that the money raised should be used for global public goods, ie tackling climate change and global poverty, and not just European deficits. 

The announcement was welcomed by the ETUC as well as by the UK Robin Hood Tax campaign, whose spokesperson Max Lawson said:

“This is a major step forward which leaves the UK increasingly isolated in insisting that an FTT must be global to work. Rather than standing on the sidelines, David Cameron should join President Sarkozy and Chancellor Merkel to make banks pay their fair share.”

One Response to Merkel and Sarkozy step up tempo on Robin Hood Tax

  1. Bill Kruse
    Aug 17th 2011, 3:35 pm

    Will it cover HFT, one wonders? If not, of what practical purpose will it be and anyway will bank charges simply go up even more to accommodate for the tax? It’ll just turn out to result in more banks robbin’ in the hood, most likely.