The Robin Hood Tax campaign has released a short film to encourage European governments to reach the broadest possible agreement on the European Financial Transaction Tax (FTT), known popularly as the Robin Hood tax. Although the introduction of the tax is imminent, strong political commitment is needed to ensure that it is applied to as many financial products as possible in order to maximise its potential for generating revenue. Decisions must also be taken on how to spend the revenue, which should not be eaten up by deficit reduction.
As we have said before on several occasions, the FTT could generate an estimated €5000 million a year in Spain alone. Members of the Spanish Alliance for the Robin Hood Tax (including ISGlobal) have called for all of this money to be allocated to fighting poverty in Spain and elsewhere. As things stand, the FTT would appear to be Spain’s only opportunity to bolster its shrinking budget for development cooperation. The introduction of the tax will be a landmark achievement for the European Union. Which side of history will be Spain be on?
The video below is the campaign’s short film Future News, featuring Javier Cámara, Bill Nighy, Andrew Lincoln, Clémence Poesy and Heike Makatsch.
Previous posts about the FTT
Financial Transaction Tax Receives Strong Support from the European Parliament
Tobin Tax: We Need Robin Hood More Than Ever