By Martin Banks - 29th June 2011
The FTT is a credible mechanism
CIDSE
A new Eurobarometer poll of more than 27,000 people shows that the majority – 61 per cent - of Europeans are strongly in favour of a financial transaction tax (FTT).
Of those, more than 80 per cent agree that if a global agreement cannot be reached such a tax should initially be implemented in just the EU.
According to the poll, Germany and France still support using proceeds from a financial tax to fund development and climate change, and they remain the FTTs biggest supporters.
Whilst the EU is close to reaching consensus, and the public are in support, some governments such as the UK and Sweden have voiced reservations about an FTT.
The commission is expected to put forward a legislative proposal in the autumn.
France, Germany, Spain, Finland, Luxembourg, Belgium, Austria, Greece and Portugal have all expressed their support for an FTT as well as 1000 leading economists
The survey findings come as commission president José Manuel Barroso is expected to table proposals to introduce an EU-wide financial sector tax as an "own resource" for the EU budget.
Meanwhile, the international alliance of Catholic development agencies, CIDSE, says an FTT could have a "major positive impact on people's well-being".
Its president Chris Bain said, "The FTT is a credible mechanism by which to generate substantial amounts of money to help fill the climate fund and generate other global challenges."
It says this can be done without requiring "additional sacrifices" from the taxpayer.
