Opinion Former Article

NASUWT: Robin Hood tax would repair untold damage bankers have done to the economy

Speaking at the TUC Congress today, on a motion on public services and their importance to the economy, Brian Cookson, a National Officer of the NASUWT, the largest teachers’ union, will spell out the economic alternative to the savage cuts the public services, which are putting thousands of workers out of jobs and removing or reducing vital services to the public.

Brian Cookson will say:

“There is an alternative, a Financial Transaction Tax that will take money from the bankers without hitting ordinary working families.

“Lack of banking regulation has driven millions world wide into poverty.

“This ‘Robin Hood Tax’ would put the onus on the banks to repair the untold damage they have done to the UK and World economies by their reckless actions.

“This tax is supported by the European Parliament and a growing number of Finance Ministers across the world.

“It should be on the top of all financial agendas to replace the ideologically driven excuses for dismantling our public services.”

Chris Keates, NASUWT General Secretary, said:

“This tiny tax of 0.05% on all financial transactions would raise billions towards paying off the nation’s deficit.

“It’s impact on the £trillions made each year by the banks and financial institutions would be barely the equivalent of a gnat bite and yet its introduction in the UK would mean that not one single public service would need to be cut and not one job lost.

“Despite growing public support for this measure, the Coalition Government continues to ignore this and any other strategy which involves targeting those whose recklessness and greed caused the financial crisis in the first place.”

ENDS

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