Robin Hood Tax

Today EU Finance Ministers, meeting in Luxembourg, agreed to drop the idea of an EU-wide European Financial Transaction Tax (FTT).

Speaking at a press conference at the Rio+20 Summit, Barbara Stocking, Chief Executive, Oxfam GB said:

European Commission President Jose Manuel Barroso said today at the G20 that he expects agreement on a Financial Transaction Tax (FTT) to be reached soon.

A Eurozone breakup could cost the world’s poorest countries $30 billion in lost trade and foreign investment, international agency Oxfam has warned ahead of the G20 leaders meeting in Mexico to discuss the state of the global economy.

European leaders meeting today to discuss ways of boosting economic growth should press ahead with plans for a financial transaction tax (FTT), Oxfam said.

What should have been a watershed G20 summit for shared global prosperity fell short of its potential – but some of the strongest ideas, especially the Robin Hood Tax, did overcome the opposition of some countries.

Oxfam spokesperson Luc Lampriere said:

Aid from rich nations is likely to fall by at least $9.5 billion by the end of 2012 – the biggest drop in aid for 15 years, according to new calculations by international agency Oxfam ahead of this week’s G20 Summit (Nov 3-4).

“Food, funds, inequality” issues will test G20 leaders’ ability to transform the global economy. The 2011 G20 Summit could be a watershed for global stability and prosperity if leaders rise above a narrow vision of self-interest and act decisively for the world’s poorest citizens.

“Five Years since the introduction of Financial Transaction Taxes: What leaders made it happen? What has the tax achieved?”