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European Financial Transaction Tax must be agreed without delay, says Oxfam
France, Germany and 8 other EU nations today postponed agreeing to a long-awaited European Financial Transaction Tax (FTT).
In response, Natalia Alonso, Oxfam’s Deputy Director of Advocacy & Campaigns, said:
“The Financial Transaction Tax is supported by a substantial majority of EU citizens, while the banking industry strongly opposes it as it will reduce their profits. Emmanuel Macron, Angela Merkel and all the other EU leaders should show us they are on the side of the people, not the bankers, by agreeing this tax without further delay.”
- The aim of the Financial Transaction Tax is to limit harmful speculation on the financial markets and to ensure that the financial sector makes a fair contribution to national tax revenues.
- A majority of EU citizens is in favour of the Financial Transaction Tax.
- Oxfam calls for using FTT revenue to help the poorest. The revenues raised by the tax should be used to fight European and world poverty, fund health and education services in developing countries, fight youth unemployment and help vulnerable communities adapt to climate change.
Dannielle Taaffe | Dublin | firstname.lastname@example.org | mobile +353 838 695416