EURO MPs CALL FOR TAX ON FINANCIAL TRANSACTIONS

The European Parliament today called for a tax on financial transactions to give the EU a new source of revenue.

The Strasbourg vote led the main parliamentary progressive group, the Socialists and Democrats, to claim an important victory in its long-running campaign for the tax.

Said S&D leader Martin Schulz: "This is a major breakthrough and a significant victory in our campaign. We now expect the European Commission to act promptly on the demands of the democratically-elected Parliament and to bring forward appropriate measures.

"Europe must give the rest of the world a lead by levying this tax within its borders and campaigning for it to be introduced in the rest of the world."

Said S&D budget spokesman Göran Färm: "A financial transaction tax will deal with two problems at once — how to finance ever-growing demands to put new EU policies in place, and how to make the financial sector contribute to the resolution of the economic crisis that it caused.

"The tax revenues will cut payments EU member states currently make to the EU budget. At the same time, they will allow the smooth development of policies to safeguard the economic future of Europe. We will have the resources for investment in research and development, fighting climate change and in building solidarity between the regions of the EU."