Faith groups welcome FTT proposal by European Commission

Members of the Faith Group of the Robin Hood Tax campaignwelcomed Wednesday's announcement by European Commission presidentBarroso that the Commission has adopted a proposal to set-up afinancial transaction tax (FTT) in the 27 member states of theEuropean Union. However, the group is seriously concerned that theBritish government does not appear to be willing to sign up tothese plans. We believe that for them to fail to do so underminesthe whole project and urge our government to reconsider theirstance.

Speaking on behalf of the Faith Group, the Revd Roberta Rominger,general secretary of the United Reformed Church, said: "This ispositive news amidst all the economic gloom and turmoil in the EUregion at the moment. As faith communities we urge the BritishGovernment and other partners in the G20 to follow the courageousand innovative step taken by the European Commission in seeking toimplement a Financial Transaction Tax. This will be good forBritain, good for Europe, good for the world.

"The financial sector bears a huge responsibility for the currenteconomic crisis and must make a fair contribution to help financethe massive deficits in EU member states. There is a moralimperative to use the Robin Hood Tax to fill the gap in urgentlyneeded funding to tackle climate change and poverty at home andabroad. It's in everyone's interests to find new sources of financeto tackle these global challenges" she added.