Newsletter: November 2012

Dear supporter,

We bring great news, at least 11 European countries – including Europe’s biggest economies Germany, France, Italy and Spain – are set to implement an FTT in 2013. What a way to end the year!

This would raise an additional €37 billion annually. The fight is on to make sure as much of it goes to combating poverty and climate change as possible.

In the meantime, France took the lead by introducing its own FTT on share trading which will raise €1.6 billion a year. President Hollande has committed to spending 10% of the revenues on tackling poverty and climate change abroad. We think this percentage is too low and must fight to get it increased.

You can read all about the European progress in our autumn newsletter and also enjoy a hilarious new Robin Hood Tax campaign film courtesy of our German colleagues.

The Stamp Out Poverty Team

11 European countries move closer to implementing an FTT

Things are moving fast in Europe. 11 countries – including Europe’s 4 largest economies – have now written to the European Commission requesting to implement an FTT under the ‘Enhanced Cooperation Procedure’ (ECP). This passes the nine-country threshold needed to initiate the ECP, meaning this group of progressive countries can now move towards implementation. Austria, Belgium, Estonia, Germany, Greece, France, Italy, Portugal, Spain, Slovakia and Slovenia will introduce a broad-based FTT covering shares, bonds and derivatives next year which will raise an estimated €37 billion annually.

France starts collecting revenues from its unilateral FTT and allocates part to helping the most vulnerable in developing countries

On November 1st a 0.2% tax on share trading in France came into effect. The tax will raise €1.6 billion in much needed new revenue every year. France seems to have set a trend, as Italy and Portugal have also announced plans to implement their own FTT. President Hollande has agreed to commit 10% of the revenue to helping fight poverty, HIV/Aids and tackle the adverse effects of climate change in the world’s poorest countries. Whilst we welcome using revenues in this way, we are continuing to fight for at least 50% to be spent internationally and that France uses all its diplomatic powers to persuade its European partners to do the same.

‘Difficult Labour’ – entertaining new Robin Hood Tax film

Oxfam Germany has released a brilliant new video in support of a Robin Hood Tax.

Germany is one of the 11 European countries set to implement the Financial Transaction Tax in 2013 which would between them raise €37 billion in new revenue every year.

This funny, entertaining video suggests just how painless the process will be….