UN experts pushing proposal for global financial transaction tax

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Magdalena Sepúlveda

A group of United Nations independent experts is urging the European Union to push forward with a global financial transaction tax.

EU ministers have been discussing a financial transaction tax across the Eurozone.

The UN experts say money raised from a global tax on the financial industry could be used to address several social issues, including poverty and climate change.

The UN Special Rapporteur on extreme poverty and human rights, Magdalena Sepúlveda says this is a better alternative to austerity measures that target the poor.

"This approach to fiscal policy risks deepening inequality as well as fueling the increasing sense of an injustice that the privilege of a small economic elite has been given precedent over the human rights of the majority of ordinary citizens."

The call comes as EU Finance Ministers meet on 15 May to coincide with the G-8 Summit in Camp David in the United States.

Duration: 17″

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