Activists turn up volume on Robin Hood Tax

Time for a Robin Hood tax?
Time for a Robin Hood tax?

By staff

G20 leaders meeting in Seoul this week are being asked to commit to plans for a 'Robin Hood Tax' on financial transactions.

A letter signed by 183 organisations from 42 countries, including members of the UK-based Robin Hood Tax campaign, is being sent to leaders to convince them to agree to taxing international financial transactions.

The plan is a flagship policy of social justice groups in the wake of the financial crisis, but many UK politicians are wary of unilaterally introducing it without international support.

Organisations linked to the Robin Hood campaign have written to David Cameron demanding that he work with international leaders to "make concrete progress towards the introduction of an internationally co-ordinated FTT [financial transaction tax]".

The tax would help pay for "the global financial and economic crisis, including reducing the unacceptably high rate of job loss, and achieve key development, health, education and climate change objectives in developing countries".

Brendan Barber, TUC general secretary, said: "Governments around the world are embarking on a sweeping programme of austerity measures that will lead to huge job losses and cuts in services that the most vulnerable in society rely upon.

"At the same time the banks are back to business as usual with multi-million pound salaries being paid to the chief executives of bailed-out banks and billions handed out in bonuses. A Robin Hood Tax would mean the world's banks paying to reduce deficits they helped cause and would remove the need for such swingeing cuts in public spending."

The tax is currently being considered by the European Union.


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