*Tax Justice media release* *11 October 2010*

*CTU’s call for Financial Transaction Tax welcomed by Tax Justice campaigners*

“We’re very pleased that the CTU likes the idea of a Financial Transaction Tax,” says Vaughan Gunson, Tax Justice campaign coordinator. “It’s an idea whose time has come.”

“Following the global financial crisis something’s got to be done to rein in the speculators, who have caused so much pain worldwide,” says Gunson.

“A small percentage tax on all financial transactions associated with speculation would do a lot to discourage this destructive economic activity.”

“And it would boost the government’s revenue, which is much needed for essential public services and urgent eco-projects like public transport,” says Gunson.

The Tax Justice campaign is collecting signatures for a petition that calls on parliament to tax financial speculation and remove GST from food.

Over 20,000 signatures have been collected nationwide since the campaign was launched in late May this year.

“We’re putting it straight to the politicians: why is it okay for food, a necessity of life, to be taxed, while speculators pay no tax on their wheeling and dealing?"

“There can be no justification for this horrible imbalance in New Zealand’s tax system,” say Gunson. “We look forward to being able to work with unions in the campaign to introduce a Financial Transaction Tax.”

*For more information on the Tax Justice campaign go to www.nogstonfood.org *

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