Plaid Cymru call for Europe to introduce Robin Hood Tax

Plaid Cymru Treasury spokesperson Jonathan Edwards has called for the Conservatives and Labour to give full and unconditional support to the introduction of a Robin Hood Tax on financial transactions, ahead of a European Parliament debate on the subject today (Wednesday) and tonight’s emergency European Council Summit.

Mr Edwards, who made his maiden speech on the topic when he first entered Parliament, said that Plaid Cymru had supported the concept of a tax since 2001 and said that money raised from a Robin Hood Tax should be used to work towards a common social good, developing jobs and tackling poverty.

Mr Edwards said:

“A Robin Hood Tax on financial transactions is an idea whose time has finally come.

“The Con-Dem Government have cut taxes for the mega-rich and for major corporations, but must now accept the inevitable and positive effects of taxing financial transactions.

“The same is true for Labour, who talk tough about the bankers but consistently fail to back meaningful measures which would change their behaviour and help good causes at the same time.

“It was the irresponsible actions of some in the financial sector which caused the continuing financial crises and which have had real world effects – generating recession, unemployment and a stagnant economy.

“Unfortunately, the Tory-Labour tag team are still defending the 1% economic elites of the City of London rather than the 99% who are the ordinary people of Wales and elsewhere.

“The financial industry must therefore make a fair contribution to improving the economy and the wider world, improving people’s lives and mitigating the effects of climate change.

“Any money raised through this must be spent with common social good in mind – investing in long-term infrastructure projects which will benefit the environment and help to tackle poverty.

“A financial transaction tax, a Robin Hood Tax, can therefore ensure that an often unnecessary and unproductive trade of money will become a socially productive investment in our future.”

ENDS

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