Advocates for the financial transaction tax (FTT) see this as a great step forward. However, while there is now a political agreement for the 10 countries to proceed, campaigners see that there is a lot of work still needed to translate this into Robin Hood tax spending to protect jobs, boost employment and improve and save lives in poorer parts of the world.
Brussels (13 May 2014) — In a historical agreement, 10 states sealed the deal for the introduction of a financial transaction tax (FTT), commonly referred to as the Robin Hood Tax, in a heated session at the meeting of European Finance Ministers on May 6.
United Kingdom's efforts to block tax fail; proposal enjoys widespread support
George Osborne, Chancellor of the Exchequer and Second Lord of the Treasury of the United Kingdom, and one of the most vocal critics of the tax, bristled as the countries led by Germany and France set out that FTTs would be introduced in stages, starting with shares and some derivatives, with revenue beginning to roll in next year.
The European Union's Tax Commissioner Algirdas Semeta mentioned that the proposal was supported by the majority of European citizens. He also pointed out that there was a Robin Hood Tax action taking place for the assembled press outside.
The stunt celebrating the victory of Robin Hood was set in a boxing ring where Robin had the banker on the ropes to the cheers of the crowd, but had yet to get his hands on the prize money still being held by Germany’s Angela Merkel and France’s President Hollande.
Great step forward
Advocates for the FTT see this as a great step forward. However, while there is now a political agreement for the 10 countries to proceed campaigners see that there is a lot of work still needed to translate this into Robin Hood tax spending to protect jobs, boost employment and improve and save lives in poorer parts of the world.
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