MEP backs Euro tax bid

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LOTHIANS-BASED Labour MEP David Martin has welcomed European moves towards a “Robin Hood” tax on financial transactions, saying it is “about time” it happens.

European Commission president José Manuel Barroso announced the proposals for a European Financial Transaction Tax to the European Parliament in Strasbourg yesterday.

The proposals will be subject to lengthy negotiations and will need the unanimous approval of all EU countries and the European Parliament before it has any chance of coming into force.

Mr Martin said: “‘Millions of people have made it clear that they would like to see a Robin Hood Tax that uses a very small levy on financial markets to support good causes at home and abroad.”