The Green MEP said they should adopt a European Commission proposal to adopt a common definition of tax havens, blacklist these havens and revise tax agreements with all non-EU states.

Ms Lambert, speaking after a debate on stamping out tax avoidance, said: “Adopting a common strategy to deal with international loopholes and tax havens must be an absolute priority for David Cameron.

“Instead of trying to save public money by privatising public services and shaving the benefits bill he should be concentrating on making sure profitable corporations pay their fair share towards the exchequer.

“The European Commission has set out ways in which this can be done – international co-operation at EU level is the only realistic way to achieve this and I hope he follows the EU proposals quickly.”

The Greens also called for a common EU approach for addressing the harmful effects of tax evasion in the developing world, and more transparency in the often-murky world of offshore investments and overseas ownership of companies operating anywhere in the EU.

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Speaking at ‘Making Banks Work For Us’ a discussion of how to reform the banking and financial sectors yesterday, she said:

“The City of London Corporation is a mediaeval institution – and it helps to protect many of the banks and finance houses that have driven the latest worldwide economic meltdown: in that sense it’s a tax haven on our shores.

“We need to ensure that the banks are motivated by what’s good for society and the environment – not just their bottom line.

“This means radical reform of the sector, starting with the Government reviewing all the legal permissions by which banks lend money in the first place – and encouraging diversity in the sector: with local banks, credit unions and complementary currencies all plating a significant role.

“Abolishing an anti-democratic symbol of all that has gone wrong with banking in the UK is a useful place to start.”

Ms Lambert, who hosted the discussion at her Hackney office, was joined by the Philippe Lamberts MEP , the spokesperson on banking for the Greens / EFA group in the European Parliament, and Tony Greenham , Head of Finance and Business at the new economics foundation.

Mr Lamberts, who has spearhead EU action on limiting bankers’ bonuses and transparency in the sector, said reforming the banking sector was essential if we are to diffuse the ‘two time bombs sitting under all societies: worsening social inequality and environmental collapse’.

Mr Greenham, himself a former investment banker, said that fully 97% of the UK money supply was created by private banks – mostly operating in The City – for profit: “The social and environmental dimension is just missing from the debate over banking reform.

“The City does indeed create jobs, but only in the sense that thieves and pirates have jobs.

“The financial sector should work for our economy, which should work for people: not the other way round.”

‘Making Banks Work For Us’ took place on the eve of a European Parliamentary debate on tax avoidance and breaking up the banking sector. Both will be considered by the Economic Affairs Committee in Strasbourg on Monday.

The debate was the first in a series: the next will take place this autumn.

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WITH the banking sector in crisis across Europe after the UK and Luxembourg lodged legal challenges this week to a planned EU tax on financial transaction (a so-called ‘Robin Hood Tax’), London’s Green MEP Jean Lambert is to bring some of Europe’s top banking experts together for a City debate to examine how to make banks work better for all of us.

Ms Lambert will chair the debate, which will also feature former investment banker Tony Greenham, banking expert at the new economics foundation and the author of controversial proposals to cap bankers’ bonuses at EU level, banking spokesperson for the Greens in the European Parliament, Phillippe Lamberts MEP.

Ms Lambert said: “The economy is in a mess – with unemployment rising, banks failing, public sector pay freezes and access to credit for small businesses drying up – and this has exposed the banking sector as under-regulated and failing to serve society’s economic or social needs.

“That’s why I have decided to bring some experts to a public discussion on the doorstep of London’s financial district to discuss what regulations we need to really make the banks work for us – and which are achievable at EU level.

“We will discuss the separation of investment and consumer banking, the public ownership of the banks, changes to the way banks invest in society and lend money to individuals and small businesses, making the ‘Robin Hood Tax’ a reality – and limits to bankers’ bonuses.”

Although the event is free, places are limited, so participants are asked to register to secure a place.

For further information on the speakers, click here: Phillippe Lamberts and Tony Greenham.

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“The vast majority of people demonstrating over the last few days want to take part in a peaceful protest to voice their concerns about corporate greed and growing inequality, both at home and around the world.  I wholeheartedly support their calls for an end to global tax injustice, independent regulation of the banking industry and concrete action to repair and protect crucial public services.  Indeed, these are principles that many would support.

“With unemployment now at its highest level for almost twenty years and the financial system in crisis, it is no wonder that so many people feel betrayed and let down by the governments and the financial sector.  The system has, for far too long, been unaccountable and irresponsible and now we are all paying a heavy price.  I hope that the UK Government listens to the messages of discontent being aired and realise that the public demand positive change.

“Over the coming days, it is crucial that those participating in the Occupy London demonstration are able to exercise their right to peaceful protest, unhindered by inappropriate policing.  I urge police and authorities to show restraint and maintain a low profile presence in the absence of any significant disorder.”

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