The UK risks being left behind as other European countries move forward with a 'Robin Hood Tax' which will raise billions, said the Brighton Pavilion MP today.

In an open letter to Chancellor George Osborne, Caroline Lucas highlights the approval given at a European meeting earlier this month for France, Germany, Italy and others to pursue a Financial Transaction Tax (FTT).

She said:

"In agreeing to an FTT, European leaders on both the left and right have united under the common goals of reducing excessive financial speculation and raising much needed revenue for public goods both in Europe and beyond.

"I would urge the UK government to take this opportunity to drop its opposition and adopt a broad-based FTT here too.

"By rolling out our present tax on shares, which raises £3bn per year, to bonds and derivatives, the UK could raise an estimated £8billion a year.

"This revenue could help fund measures to tackle climate change, provide jobs for the 2.5 million unemployed in this country, deliver a Living Wage, and fund vital public services.

"The tax would hit short-term speculators, not long-term investors, and so would help build a more resilient financial sector."

Caroline concluded:

"Eleven countries have shown that this is possible, and with other countries likely to follow suit, it's crucial that the UK does not get left behind."

ENDS