Inside the square mile, greed is still good. Outside, we won't tolerate it.

Inside the square mile, greed is still good. Outside, we won't tolerate it.
December 4th 2013 / 
Robin Hood
 

With Boris channelling the spirit of Wall Street’s infamous Gordon Gecko (proclaiming that ‘greed is a valuable spur to the economy’), it seems bankers based in the City of London have been drinking from the same watering hole, with over 2700 of them taking home an eye-watering €1m+ salary each every year.

But that’s not all. This week, the European Banking Authority has documented how – even during these times of...

With Boris channelling the spirit of Wall Street’s infamous Gordon Gecko (proclaiming that ‘greed is a valuable spur to the economy’), it seems bankers based in the City of London have been drinking from the same watering hole, with over 2700 of them taking home an eye-watering €1m+ salary each every year.

But that’s not all. This week, the European Banking Authority has documented how – even during these times of austerity – these self-same City bankers have enjoyed a 35% increase in their pay over the last two years and are also bagging bonuses almost 4 times these inflated salaries. No wonder the lobby’s trying everything within its power to kill a new law that aims to put caps on bonuses. Even when everyone else is having their belts tightened, the rapacious appetite of the financial sector seems to have no bounds.

Meanwhile, on the other side of the London Wall, a groundswell of support for reform to the financial sector has begun to take shape. Thirty-seven UK councils (representing over 9 million people) are calling on the government to introduce a British Robin Hood Tax. This is thanks to thousands of supporters - like you - who have sent their councillors a direct message here.

Across the country, these councils have seen the damage that cuts have inflicted on their communities and are demanding something to be done to help curb the excessive behaviour of some banks and to inject extra money back in to essential services. Newcastle, Cardiff, Middlesbrough, Chorley and Wyre Forest are some of the latest to demand change.

If you’re seeing cuts damaging services in your community, send your local representatives a message: that they can do something about it. Money from just over six months' worth of a UK Robin Hood Tax could reverse all of this year’s cuts to local government services.

Urge your council to get behind our BringRobinHome campaign here.

Has your council signed up to support the Robin Hood Tax?
Find out now