Overwhelming majority of MEPs vote for a transaction tax

Plaid MEP Jill Evans voted with an overwhelming majority of MEPs in the European parliament for a tobin style tax on financial transactions. The European Parliament adopted a resolution calling upon the Commission to take steps towards a financial transaction tax.

Plaid MEP Jill Evans commented:

"It has been a long-standing policy of Plaid to have a tax on financial transactions, and supported the 'Robin Hood Tax' campaign, launched by groups such as Oxfam last month. This policy I believe is even more important given the financial crisis. With MEPs sending a strong message to the European Commission, there is now a clear momentum for concrete steps to be taken. Welsh people expect the costs for the financial crisis to be met by those who caused it, not with huge cuts to public services."

The resolution voted for in the European Parliament calls on on the European Commission to develop a plan for such a tax before the G20 summit in June. The resolution also makes clear that if a worldwide tax cannot be agreed, then the EU should act unilaterally. Mrs Evans believes that the small levy of 0.5% would provide millions for fighting climate change, reducing global poverty and giving national economies the chance to pay off debts.

She added;

"Reckless speculation and risky banking practices have landed the people of Wales with a huge deficit burden. The ordinary Welsh family or the public sector did not cause the current crisis. Given the reasons for the crash, it is now vital that risky practices are stopped and that this tax is used to help the recovery of our economy and help deal with the wider global problems of climate change and poverty. It is no surprise that the Conservatives oppose it."

Diwedd/End.