Oxfam response to UK Government's decision to launch legal challenge to plans for a European Financial Transaction Tax

Responding to the UK Government's decision to launch a legal challenge to plans for a European Financial Transaction Tax, Nicolas Mombrial, Oxfam EU policy adviser, said:

“The UK government has lost the moral argument; they’ve lost the political argument; so now they are resorting to lawyers.

“The fact is that people across Europe want the financial sector to pay more to repair the damage they caused. An FTT offers a real opportunity to help people at home and in poor countries who have been hit by the economic crisis.

“The UK is guilty of rank hypocrisy – its own stamp duty on shares applies to trades involving European Banks even if they take place in Europe.”