Action in Brussels: Robin Hood battles bankers

Date: 29 March 2010

On March 25, campaigners calling for the European Union to introduce a financial transaction tax staged a symbolic tug of war between Robin Hood and his merry men (and women) and selfish bankers outside the European parliament.

The stunt took place as European heads of state gathered for the spring summit. The campaign, supported by WDM, is calling for the European Union to introduce a financial transaction tax – also known as a ‘Robin Hood Tax”. The Robin Hood Tax is a tiny tax on financial market transactions, which, at very low rates of 0.05% or less, could raise hundreds of billions of pounds annually for domestic and international projects and would cost governments and ordinary citizens nothing. At the same time, it would help reduce the high-speculative transactions that were partly to blame for the current crisis.

Over the past weeks, innovative sources of finance, including the financial transaction tax, have gained support at all levels of EU institutions. This includes the European Parliament, which just passed a resolution supporting the tax.

The event was coordinated by a broad coalition of environmental, social, health, faith and trade-based citizens’ organizations. It’s now up to Heads of State to decide which way the tug-of-war will go – will the money go to rebuilding a fairer and more sustainable world, or will it remain in the pockets of bankers and speculators?

You can help to urge the EU and the heads of states of the G20 to introduce the Robin Hood Tax. Sign the G20 petition at www.makefinancework.org.