Debate & analysis
Over the weekend, Finance Ministers from 20 of the world’s biggest economies are meeting to discuss the global financial system. Robin has been able to make his way from Sherwood to Toronto to keep us informed of developments.
A new report by the Institute of Development Studies (IDS) has found that a Tobin Tax on financial transactions is feasible and could make a significant contribution to revenue without causing major distortions. The draft report on the evidence surrounding Financial Transaction Taxes (FTTs) states that “contrary to our initial instincts”, such taxes “may not be such a bad idea after all”.
This month, the Institute for Public Policy Research (IPPR) published a paper which explores the possibilities of taxing the financial sector. The report concludes that taxing the banks is a fairer way to balance the UK budget than regressive measures such as an increase in VAT which would hit the public hardest. It found the financial sector in the UK could afford to pay £20bn in taxes this year alone.
Last week, the Robin Hood Tax campaign gave its response to the IMF’s Global Financial Stability Report, asking G20 Finance Ministers to recognise the need for a bank tax which raises hundreds of billions of dollars to help poor countries and meet the true cost of the economic crisis. We weren’t the only ones blogging on what the IMF had to say about a financial transaction tax.
All three party leaders have refused to rule out a VAT rise. This will hit the UK’s poorest hard. We believe there is an alternative…
A Robin Hood Tax on banks is backed by more than half of voters in marginal seats, according to a national poll by Ipsos Mori published today.
A number of British celebrities have written a letter to the editor of the Times today, urging UK politicians to remember ordinary people when taxing the banks.
What is a Robin Hood Tax:
Currently lots of taxes are being labelled a Robin Hood Tax. While this sounds like victory, things might not be as simple as they first appear. Has Robin Hood’s name been used in vain?
The proposed IMF (International Monetary Fund) tax is a major step forward – however these taxes need to raise billions a year and that money must be used to fight poverty and climate change. Only then will it become a true Robin Hood Tax.
Church Action on Poverty, other Christian agencies and church leaders are disappointed that none of the political party manifestos includes a clear commitment to introducing a Robin Hood Tax in the UK. They believe there is a moral imperative for the UK to take the lead, with or without the support of other countries, because it is the right thing to do in the wake of the global financial crisis.
The Green Party has listened to the hundreds of thousands of Robin Hood Tax supporters in the UK by backing a levy on financial transactions in their election manifesto.
Robin Hood delivered for the world’s poor today thanks to the Liberal Democrats support, in their manifesto, for a Robin Hood Tax.
Today the party announced it is committed to working with other countries to raise money to tackle global poverty through a financial transaction tax. They also, like the other main parties, support a levy on the banks in the UK.
This is a really important first step for the Lib Dems BUT we do hope that their promise to… More >>
‘We’re all in it together’ says the Conservative party manifesto – David Cameron today outlined his party’s blueprint for government should his party win the genereal election on May 6th.
But unfortunately like Labour, the Conservatives have not been ambitious enough in tackling the banks. We definitely welcome the party’s commitment to putting a levy on the banks – and to going it alone if necessary. We’re particularly pleased that the Conservatives have recognised that they don’t have to wait for the rest of the world… More >>
The Labour manifesto missed a golden opportunity to show global leadership with its plans for a tax on banks.
The $100bn by 2020 pledged to fight climate change by world leaders in Copenhagen could be met with the Robin Hood Tax.
First published in The Guardian, March 27th, 2010 >>
Alistair’s Last Stand has been hailed as the Robin Hood budget – but was it really? The recession has made poverty worse both in the UK and abroad. The threat of global warming becomes more urgent each day. This is why an unprecedented coalition of development agencies, anti-poverty groups, environmental organisations, faith bodies and trade unions have come together to argue for a Robin Hood tax, and won the support of more than 100,000 grassroots campaigners throughout… More >>
Will the tax be passed onto us? who would control the funds raised? and how can we make this happen? All your burning questions answered.
Pong was one of the very first video games. It was interesting for a while but painfully repetitive. Back and forth, back and forth, back and forth…
It’s a bit like the political response to introducing a Robin Hood Tax. This unrelenting batting between unilateral action and international agreement, insurance versus social good. The good news is that we have all the ingredients we need for success. The bad news: no-one seems willing to show the leadership necessary to make it happen.
We are not interested in party politics or scoring… More >>
For context please see: BBC News: Tory leader David Cameron details plan for bank tax
The political argument has shifted decisively today, the myth that Britain can’t act alone to tax banks has been exposed for what it is. The Conservatives proposal for a unilateral tax on banks has shown that Britain can go alone.
In focussing on bank bailouts however, the proposal has missed the mark. The amounts raised will not be enough to deal with the huge social costs of the financial crisis. The banks… More >>
Many supporters have asked what do the bankers think of the Robin Hood tax? On Sunday, Graham Allen, MP for Nottingham North finally got a chance to ask that question to the British Bankers Association.
On Wednesday, Graham Allen championed the Robin Hood Tax in parliament. On Sunday, Allen took the discussion to Angela Knight, the Chief Executive of the British Bankers Association in a televised debate on the BBC East Midlands Politics Show. Angela Knight stepped into the role played by Bill Nighy in the… More >>
Today’s Sunday Times carries an inspiring article by the Archbishop of Canterbury, Dr Rowan Williams and Richard Curtis.
Polly Toynbee writes powerfully in today’s Guardian newspaper about why the time is right for a Robin Hood Tax.
Robin’s campaign got an enormous boost this week when Members of the European Parliament voted in favour of a resolution on “making financial transactions taxes work” by a massive 536-80.
In a new paper on the Robin Hood Tax, Sony Kapoor asks the all important question ‘who pays in the end?’
Over the last few days there has been regular comment posting about three particular issues. They’ve also been asked in slightly different ways by a small number of people on our Facebook page. Here, we tackle them in more detail.
This is the complete text of a letter calling for a financial transaction tax. It is signed by 350 economists from dozens of countries, including two nobel laureates.
Economist Joseph Stiglitz talks about his new book ‘Freefall’ and The Robin Hood Tax with the London Evening Standard.
In response to your questions, here is some more detail about what the Robin Hood Tax is and how it might work.
One of the most common questions we’ve been asked on Twitter and Facebook is how the proposed Robin Hood Tax differs from the Tobin Tax? Dave Hillman from Stamp Out Poverty discusses the differences.
Projecting the campaign poster onto the side of the Bank of England building in London on 9th February 2010.
This is the text of a letter signed by chief executives of organisations in the Robin Hood Tax coalition coalition. It was sent to the leaders of the three main political parties in the UK: Prime Minister Gordon Brown, Leader of the Opposition David Cameron, and Leader of the Liberal Democrats Nick Clegg.
Bleary-eyed commuters were encouraged to “be part of the world’s greatest bank job” on Tuesday morning, as our campaign for a Robin Hood Tax began in earnest.
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