Banks should not be allowed to escape FAT Tax

Commenting on the Government’s announcement that it is considering introducing a Financial Activities Tax (FAT) on the pay and profits of banks, David Hillman, a spokesperson for the Robin Hood Tax Campaign, said:

“We are pleased that the Government has confirmed it will explore greater taxation of profits and bonuses in the financial sector. This is clearly popular and ministers should press ahead with the FAT tax to raise billions rather than giving banks the option to escape their responsibilities.

“Financial services are currently under-taxed and are exempt from the VAT, for example, paid by other industries. We urge the Government to stand up to the banking lobby and introduce a Robin Hood Tax that would raise £20bn to protect public services and help poor people at home and abroad.”

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Notes to editors:
David Hillman, coordinator for Stamp Out Poverty, is available for interviews.
There are currently110 organisations supporting the Robin Hood Tax Campaign. These include Oxfam, TUC, The Salvation Army and Barnardo’s.

Media enquiries: Christian Zarro, Robin Hood Tax Campaign, 07917 164266 or Christian@robinhoodtax.org.uk
Jon Slater, Oxfam, 07876 476 403

Jon Slater
Oxfam Senior Press Officer: Economic crisis, aid, health and education
+44 (0)1865 472249/+44 (0)7876 476403