International
At last a tax you’ll be in favour of!
Ever thought it was time the banks gave something back to society? Or even just help repair some of the mess they caused around the world? Well then it’s time to join the movement for a Robin Hood Tax, which has launched today in the UK.
The Robin Hood Tax is a simple idea to raise billions of pounds for public services at home, and for climate change and international development abroad. A tiny tax of around 0.05% would be placed on all transactions that don’t involve your everyday high street business – currency speculation, futures trading, derivatives and the like. Even at conservative estimates this could raise £250 billion a year if applied globally.
Years ago such a tax wouldn’t have been possible but the computerisation of trading has actually made it relatively easy to know how much money is winging its way around the world. On the political side momentum has been building around the idea with Gordon Brown, Nicolas Sarkozy and Angela Merkel all speaking out in favour. The Head of the UK Financial Services Authority, Adair Turner, has also suggested that an end to some of the banks “socially useless” behaviour would be a good thing.
This is an idea whose time has come. We hope you’ll join us in helping to turn a crisis for the banks into an opportunity for the world.
Visit the Robin Hood Tax campaign website and join the band of merry men and women today!
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About the Blog
The International ONE Blog is a daily log of the anti-poverty movement. The site is operated by ONE staff, with guest contributions from ONE volunteers, members and allies.
The content of each post and each comment represents the views of that author and does not necessarily reflect the views of ONE. ONE does not support or oppose any candidate for elected office, and any post expressing support or opposition for a candidate is not endorsed by ONE.
10/02/2010 at 2:09 pm
This appears to be a fabulous idea. I have posted the video to my blog today.
12/02/2010 at 9:05 am
This is an idea that can capture the public imagination and get a real lobby behind it – BUT it doesn’t work unless other countries sign up to it too + this tax was originally called the Tobin Tax – does changing the name to Robin Hood get the public on board – but mean that politicians much less likely to support it?
12/02/2010 at 5:32 pm
Sorry, don’t know what a blog is – but I am fully in agreement with this idea. Well done.
13/02/2010 at 3:44 pm
Unfortunately, every tax imposed on corporations is ALWAYS shifted to the consumer. Industry does not simply say “Oh well, we’ll just pay it and make less.” the tax will be shifted to us in the form of increased fees. Nice concept, but the banks won’t be footing the bill…WE will!
13/02/2010 at 8:05 pm
Oh dear so you think that a tax that generates MORE than the entire worlds banking PROFITS will not harm anyone? Lets work this through for before we get carried away with an example. Lets say BP needs to hedge its currency liability and has to trade 10 bio now on this trade a tax of 0.05pct will equal 5 mio the UK bank will not be able to get this business as it will be at a competitive disadvantage as BP is free to deal with a bank in say China who will not pay the tax so the UK will loose the business. The City and the UKs financial services will be decimated at a stroke. Banks trade with each other at margins of 0.01 pct so if the UK imposes a tax of 0.05 pct overnight the business WILL have to move. It is rather like asking a taxi driver to drive you to the station and the petrol costing more than the fare. Unless everysingle country in the world has this tax then it cannot be imposed. It is no coincidence that the head of the IMF says its unworkable,the governor of the bank of england says he knows of NO central banker who thinks this is possible. We have had Rusia,Canada,China and the USA saying they will not impose it. I think the best way foward is to try and impose some sort of insurance levy such as they have done in the USA. Are we naive enough to think if costs to business increase they wont pass it on to the consumer. In our example IF BP has to pay and extra 5 million then higher petrol prices will a result. In the US we have History as an example, they choose unilateraly to impose a tax on their Eurobond market, it took 6 months for that market to leave a year later they repealed the tax but the financial markets had settled in London for the Eurobonds never to return. This was in the 1960s in todays times it will take less than a week!Oh by the way good luck trying to get China to change their tax system for Hong Kong and Shanghai the USA has been trying to get them to change their currency peg for the last 20 years!
31/03/2010 at 7:56 pm
i work for a bank and work long hours and work very hard for my money dealing with customers day in day out is not easy regardless what sector your in and i wholly deserve my bonus this tax is bull**** as it not only goes after the fat cats who get bonus’ for nothing but guys like me who eserve a bonus i’m against it for this reason its stupid.
25/11/2010 at 12:38 am
ONE percent for you, ninety nine percent for me.