MEPs back Robin Hood tax on banks

[CHIMO]

A €200bn (£172bn) a year financial transactions tax should be levied on banks to discourage speculative trading, according to European lawmakers who voted on Tuesday to support the introduction of the so-called Robin Hood tax.

Campaigners for the tax – who describe it as a "tiny tax that could make a big difference" – urged the UK chancellor to endorse the vote, which was passed by 529 to 127 in a vote in the European parliament. The vote, however, is non-binding.

David Hillman, a spokesman for the Robin Hood Tax campaign, said: "The pieces are now falling into place for a Europe-wide bank tax.

"The German and French governments are both pushing this; Austria and Spain are in support and today the European parliament threw its weight behind a tiny tax on financial transactions that could help us fulfil our commitments to tackling poverty and climate change, and help prevent such huge cuts in public spending.

http://www.guardian.co.uk/business/2011/mar/08/european-parliament-backs-tobin-tax