On 22nd January, the Council of the European Union authorised 11 EU member countries to adopt a financial transaction tax - otherwise known as the Robin Hood Tax on which the Green Party has campaigned enthusiastically.
Only four countries abstained in the vote in Council and guess what – one of them was the UK.
Together the 11 countries represent around 2/3 of EU Gross Domestic Product. They include France and Germany, two of the biggest economies in the EU.
The tax will cover bonds, shares and derivatives and will finally mean that the financial sector makes a proper contribution to public finances and overcoming the costs of the current financial crisis – just not in the UK
Perhaps we need to ask David Cameron why the UK refuses to cooperate with this fair tax which could do more towards helping alleviate the recession and its effects than any other single measure.
The EU cooperation is still open to Member States to join – so it’s not too late for the UK to change its mind.