S&D group backs tax on financial transaction

Socialist and Democrat Euro MPs today backed the introduction of a financial transaction tax to support the recovery of the world economy.

Following the G-20 in Pittsburgh, a European Parliament resolution calls for “speedy progress” on this issue.

Said S&D spokesperson on economic affairs, Udo Bullman of Germany: “Citizens and taxpayers have so far borne the cost of the financial and economic crisis. It is time that those who actually plunged the word economy into recession should pay their share for the repair job.”

The S&D group also expressed satisfaction at commitments by world leaders to strengthening financial supervision and regulation in Pittsburgh. But it insisted that action must now follow without delay.

Said Mr Bullmann: “We believe that the EU should work towards a stronger financial supervisory architecture in order to prevent another market failure like the one we just witnessed.”

Said S&D vice-president in charge of economy and social affairs Stephen Hughes of the UK: “EU governments have a clear roadmap for reform of financial markets. Priority should also be given to job creation as the crisis has hit the European labour market hard.”