Tories condemned for opposing tax on reckless financial speculation

Catherine Stihler [Labour] MEP for Scotland strongly supports the European Parliament’s overwhelming backing of a global tax on financial transactions.  This tax – often referred to as the Tobin Tax – would raise money from speculative trading by banks.

The European Parliament voted today [Wednesday 10 March].

Speaking from Strasbourg, Labour’s Mrs Stihler stated:

“The Parliamentary motion received overwhelming backing, by 536 votes to 80.  However, it is no surprise that the British Conservative MEPs failed to support this”.

"The time has come for action to ensure the financial sector pays its way in the wake of the crisis.

“The Tories are clearly out of step with the rest of society.  There is growing support and backing for a tax on financial transactions.  Moreover, active campaigns such as the ‘Robin Hood Tax’ are gaining momentum throughout the UK”.

“Not only will a financial transaction tax reduce volatile and risky financial speculation, but it will also raise billions to help eradicate poverty and tackle climate change”.

“Once again, the Tories are failing to act in the interest of the British public”.