Aug 09 0 comments
General

A better and fairer alternative to cuts exists, say campaigners

The Robin Hood Tax Campaign is today launching Saving Challenge, a new initiative, aimed at reframing the public debate on the UK deficit by providing a viable alternative to the level of the proposed cuts.

Saving Challenge mimics the HM Treasury’s crowd-sourced initiative, Spending Challenge, which seeks suggestions from UK citizens on which cuts should be made to reduce the deficit.

Instead, the initiative from the Robin Hood Tax Campaign asks the public to supply its views, via a website, on a tax on the financial sector, and to identify how the money that such a tax would raise should be used.

Max Lawson, spokesperson for the Robin Hood Tax Campaign, said: “Massive cuts in public spending have been presented by the Government as necessary for the UK to balance its books, but we believe that there is a better alternative.

“A Robin Hood Tax on the financial sector could raise at least £20bn a year in the UK and part of the revenue raised could go towards helping reducing the deficit, making the worst cuts unnecessary.

“This alternative, which is already backed by more than 205,000 people on facebook, would be fairer. It would target a sector that has played a key role in creating the mess which we are in, and has the resources to pay as the big profits and bonuses announced recently show.

“The Government cannot claim that we are all in this together unless it makes the financial sector pay a proper part in filling the hole in the nation’s budget.”

The Robin Hood Tax initiative seeks to broaden a debate that, with its strong focus on cutting public spending as the best solution to reducing the deficit, has preempted discussions of other solutions to deal with the crisis of the UK public finances.

In September, the campaigners will take the views expressed on the website to Westminster to show the Government and MPs that a viable alternative to the level of the proposed cuts exists.

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Christian Zarro, Robin Hood Tax Campaign, M: 07917 164266 E: Christian@robinhoodtax.org.uk
Jon Slater, Oxfam, T: 0186 547 2249 M: 0787 647 6403 E: JSlater@oxfam.org.uk

Aug 04 0 comments
General

Comment on the big profits announced by banks this week

Following the big profits published this week by HSBC and Lloyds, a spokesperson for the Robin Hood Tax Campaign said:

“Results out this week show that the banks are back to big profits and bonuses, meanwhile the rest of the economy is still struggling and unemployment remains high.

“The Government cannot claim that we are all in this together unless the financial sector pays a proper part in filling the hole in the nation’s budget. This was after all a recession made in the boardrooms of the worlds’ banks.

“The Government must go much further than the £2.5 billion levy it has announced so far. It needs to tax the banks for at least an additional £20 billion a year with the revenue raised going to plug the deficit in our public finances and protect lives and livelihoods at home and abroad. Robin Hood would expect no less.”

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Jul 19 0 comments
General

Experts say currency tax should raise $33 billion for global poverty and climate change

An international report commissioned by 12 countries, including the UK, recommends taxing the multi-million dollar trade in currency transactions to tackle poverty and climate change.

The report – commissioned by a taskforce of the Leading Group on Innovative Financing for Development – says that a tiny tax of 0.005% would generate $33 billion per year. This money could be used to help developing countries fight starvation, disease, illiteracy and the worst effects of climate change.

The taskforce is made up of 12 countries including France, Germany and Brazil, as well as the UK.

The report points out that a Currency Transaction Levy (CTL) is not only simple to implement, but that such a charge already exists. 95% of foreign exchange transactions between banks are already all processed via one high-security international computer system (CLS Bank) which already collects a per-transaction fee of 22 cents per million dollars traded.

The report is welcomed by the Robin Hood Tax campaign, which argues that the richest industry in the world – finance – needs to pay its fair share towards tackling the global problems of poverty and climate change.

David Hillman, a spokesperson for the Robin Hood Tax campaign, said: “This is an important recognition that the richest industry in the world – finance – needs to pay its fair share towards tackling the global problems of poverty and climate change.

“An international tax on currency transactions would be a big step towards a wider Robin Hood Tax on the banking system that is capable of raising the hundreds of billions of dollars a year to improve lives here and abroad. The UK Government should make clear its support for this proposal.

“We now need countries to stop writing reports on the subject and get on and announce a clear timetable for implementation.”

TUC General Secretary Brendan Barber said:

“The expert’s report lays down a challenge. The EU, the G20 and the British Government should take their advice – start with a tax on currency transactions, and then build on that with a full-blooded Robin Hood Tax.

“The deficit which was created to deal with the global crisis can be controlled without swingeing cuts, and by making those who caused that crisis pay for it.”

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NOTES TO EDITORS:

· The 12 nations of the Task Force are: Austria, Belgium, Brazil, Chile, France, Germany, Japan, Korea, Norway, Senegal, Spain, UK

· The full title of the report is: Report of the Committee of Experts to the Task Force on International Financial Transactions and Development. The Taskforce exists within the Leading Group on Innovative Financing for Development, a group of 55 nations.

· The Leading Group was behind the Air Ticket Solidarity Levy – the first nationally collected internationally disbursed tax that was used to fund UNITAID, a drug purchase facility to help combat HIV/AIDS, TB and malaria.

· The report argues that whilst Financial Transaction Taxes (FTTs) may be a desirable goal, it prefers to champion the CTL because it can be more rapidly implemented, helping to provide immediate new money for an urgent cause. The Robin Hood Tax agrees that taxing currency transactions provide the logical next step, the mechanisms for implementation largely exist already. But this should be part of the momentum towards a broader FTT that is capable of raising hundreds of billions a year that are needed to tackle poverty and climate change. The report cites a gap of US$156bn a year for climate change and US$168-180bn for ODA.

· There are currently 111 organisations that are supporting the Robin Hood Tax campaign including Oxfam, TUC, Stamp Out Poverty, Actionaid, Wateraid and Friends of The Earth www.robinhoodtax.org.uk

For further information:

Christian Zarro, Robin Hood Tax campaign, M: 07917 164266
E: christian@robinhoodtax.org.uk

David Hillman, Stamp Out Poverty, M: 07951 725 878 E: dhillman@stampoutpoverty.org

Jul 13 0 comments
Press releases

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.”

-Ends-

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

Jul 07 0 comments
General

Robin Hood Tax campaigners respond to the EU Parliament’s ratification of the new legislation on bonuses

Responding to the European Parliament’s ratification of the new legislation on bankers’ bonuses, Max Lawson, a spokesperson for the Robin Hood Tax campaign, said:

 “We applaud today’s decision by the EU parliament to ratify the new rules on bonuses for bankers. This clearly shows that Europe is serious about making its financial sector more responsible, which will help prevent future financial crises.
 
“However, we urge EU political institutions to go a step further by making the European financial sector pay for the cost of the global recession it helped cause.

 “It is deeply unfair that ordinary citizens across the Continent are being asked to pay for the economic mess in which we are in, while banks and hedge funds are allowed to move on.

 “EU political institutions should press for a Robin Hood Tax on the financial sector, which could raise several tens of billions of euros a year and help prevent cuts in public spending, tackle poverty and climate change, in the UK, Europe and beyond.”

Ends

Notes to editors:
- 110 organisations currently support the Robin Hood Tax campaign in the UK. These include Oxfam, TUC, Action Aid, Stamp Out Poverty, Greenpeace and Friends of The Earth.
- You can follow the Robin Hood Tax campaign on our website www.robinhoodtax.org.uk or on Twitter @robinhood

Media enquiries: Christian Zarro, Robin Hood Tax campaign 07917 164266

Jun 30 0 comments
General

The Robin Hood Tax Campaign welcomes the agreement reached today by the EU Council and the European Parliament over capping bonuses for bankers

Responding to the agreement reached today by the EU Council and the European Parliament over new legislation to cap bonuses for bankers, Owen Tudor, a spokesperson for the Robin Hood Tax Campaign, said:

 “With today’s agreement on legislation to cap bankers’ bonuses, the EU Council and the European Parliament have shown their commitment to making the European financial sector more responsible and more ‘socially useful’. 

 “However, we hope that European political institutions will go further by pressing for a financial transactions tax (ftt) that would make the financial sector clean up the global economic disaster that it helped cause.

“Capping bonuses will mean banks have even more spare cash to pay such a tax.”

Robin Hood Tax Campaigners say that a financial transactions tax (ftt) on the financial sector could raise hundreds of billions of euros a year globally. The revenue raised could go towards helping protect public services, tackle global poverty and climate change.

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Notes to editors

- Owen Tudor is Head of the European Union and International Relations at the TUC.

- 110 organisations currently support the Robin Hood Tax campaign in the UK. These include Oxfam, TUC, Action Aid, Stamp Out Poverty, Greenpeace and Friends of The Earth.

- You can follow the Robin Hood Tax campaign on our website www.robinhoodtax.org.uk or on Twitter @robinhood

Media enquiries: Christian Zarro, Robin Hood Tax campaign 07917 164266;

 

Jun 28 0 comments
General

Robin Hood Tax Campaign responds to the publication of the IMF final report on taxing the financial sector

Responding today (Monday) to the IMF report commissioned by the G20 on how the financial sector could pay “a fair and substantial contribution” towards the cost of the financial crisis, a spokesperson for the Robin Hood Tax Campaign, said:

“For all the divisions of G20 leaders in Toronto to taxing the financial sector, the publication of the IMF final report on taxing banking institutions shows that the idea of making the world’s wealthiest companies pay for the global recession they caused is alive and well.

“G20 leaders need to appreciate that the cost of the crisis goes far deeper than simply getting their money back for bank bailouts and listen to countries who are not around the G20 table but who are suffering from a crisis they did not cause. These people need a Robin Hood tax to raise the many billions of dollars required to help bring them out of global poverty and pay for climate change.”  

Ends  

Notes to editors:

  • 110 organisations currently support the Robin Hood Tax campaign in the UK alone. These include Oxfam, TUC, Action Aid, Stamp Out Poverty, Greenpeace and Friends of The Earth.
  • You can follow the Robin Hood Tax campaign on our website www.robinhoodtax.org.uk or on Twitter @robinhood

 

 Media enquiries: Christian Zarro, Robin Hood Tax campaign M: 07917 164266

Jun 26 0 comments
General

G20 countries must overcome their divisions over taxing the financial sector, says the Robin Hood Tax Campaign

G20 leaders meeting in Toronto today (Saturday) must break the deadlock over taxing the financial sector and agree an ambitious tax on the world’s financial institutions to pay for the cost of the global recession they helped cause, says the Robin Hood Tax Campaign.
 
Max Lawson, a spokesperson for the Robin Hood Tax Campaign who is following the G20 Summit in Toronto, said:
 
“We urge G20 leaders to overcome their divisions over taxing the global financial sector and recognise the need for an ambitious transactions tax.
 
“However, we are concerned that no significant progress will be made.  At the Summit in Pittsburgh last year, the G20 asked the IMF to produce a report on the best ways of taxing financial institutions, which should have been published in time for this Summit. Unfortunately there is no indication of where this report is.
 
“The UK, France and Germany, which all announced the introduction of a bank levy earlier this week, need to work together to break the current deadlock by persuading other G20 countries that a financial sector tax is the way forward.
 
“And governments must go further still by pushing for a more ambitious tax that would raise hundreds of billions of dollars a year globally, so that the revenue raised could help protect public services, tackle global poverty and prevent further damage as a result of climate change.
 
“We hope G20 governments will make the world’s financial institutions take responsibility for the mess they helped generate. This is especially important at a time when the people from the developed countries are being asked to make sacrifices to sort out their states’ finances, while the people from the developing countries are faced with even more hardship as a result of the economic crisis.” 
 
 
Ends
 
Notes to editors:
110 organisations currently support the Robin Hood Tax campaign in the UK alone. These include Oxfam, TUC, Action Aid, Stamp Out Poverty, Greenpeace and Friends of The Earth.
You can follow the Robin Hood Tax campaign on our website www.robinhoodtax.org.uk or on Twitter @robinhood
 
Media enquiries: Christian Zarro, Robin Hood Tax campaign M: 07917 164266; Jon Slater, Oxfam M:  07876 476403

Jun 22 0 comments
General

Response to the Emergency Budget: Taking from the poor to give to the rich

Responding to the bank levy announced by the Chancellor in the Emergency Budget today (Tuesday), David Hillman, a spokesperson from the Robin Hood Tax campaign, said:

”The Chancellor called today’s budget ‘unavoidable’ – but it’s the banks that have avoided paying the price of the global recession they helped create. Instead, the poorest have picked up the bill.

“The Chancellor has hiked VAT – a direct hit on the pockets of the poorest people in our society.

In stark contrast, a Robin Hood Tax on the financial sector would take from the rich and give to the poor.

“A bank levy is a first step in the right direction, but a tax that only raises £2 billion is extremely disappointing and is nowhere near the £20 billion that the banks could afford to pay, as our latest research shows. This money is desperately needed to prevent severe cuts in public spending and to save jobs.

“The Robin Hood Tax Campaign will put pressure on the Chancellor to act on his promise to explore further bank taxes this year, specifically the introduction of a Financial Activities Tax on excess profits and remunerations. We will also urge him to tax the financial sector far more ambitiously and make sure that its proceeds go towards helping avoid the worst cuts, as well as tackling poverty and climate change at home and abroad.”

Ends

Notes to editors:

  • David Hillman is available for interviews
  • For a copy of the report, Financial Sector Taxes, please contact Christian Zarro on 07917 164266
  • 110 organisations currently support the Robin Hood Tax campaign in the UK alone. These include Oxfam, TUC, Action Aid, Stamp Out Poverty, Greenpeace and Friends of The Earth.
  • You can follow the Robin Hood Tax campaign on our website www.robinhoodtax.org.uk or on Twitter @robinhood

 

Media enquiries:

Christian Zarro, Robin Hood Tax Campaign M: 07917 164266 E: Christian@robinhoodtax.org.uk

Liz Chinchen, TUC, P: 0207 467 1248 M: 07778 158175, E: LChinchen@tuc.org.uk

Jun 21 0 comments
General

Make the banks pay to save the poorest from spending cuts, says the Robin Hood Tax Campaign

The Robin Hood Tax Campaign is today (Monday) calling on George Osborne to include in tomorrow’s Emergency Budget a tax on the financial sector that could help prevent some of the cuts in public spending that will have the most impact on the poor and vulnerable.
 
The £6.2 billion worth of cuts announced by the Government last month are already hitting public services that are crucial to those who are in most need – children, the unemployed and those suffering from long-term illness – according to the broad coalition of organisations that back the Robin Hood Tax.
 
Despite pre-election claims that an early cuts package could be found from efficiency savings, a programme to support children with reading difficulties (£5 million), the Future Jobs Fund (£5 billion) and free social care to 11,000 older people (£540 million) are among projects that have already been scrapped. Further cuts in public spending would inevitably increase unemployment and increase poverty, says the Campaign.
 
The Chancellor should therefore put more emphasis on raising new funds from taxation and build on the call he made in his Mansion House speech for a bank levy, the Campaign says.
 
Robin Hood Tax research shows that a new financial sector tax could raise at least £20 billion a year in the UK and could therefore make a significant contribution to closing the structural deficit and prevent cuts that would do a great deal of damage to the country’s social fabric and services on which some of the poorest people in UK society depend.
 
TUC General Secretary Brendan Barber said: “A harsh round of spending cuts will cost public and private sector jobs, derail the fragile recovery, and hit the poorest in our society, as they depend most on public spending.
 
“But it doesn’t have to be this way. Just as BP is now having to pay for the mess it caused in the Gulf of Mexico, the banks should face up to their responsibilities for causing the crash. The return of big bonuses show that they can easily afford to pay up for a Robin Hood Tax.”
 
Kate Wareing, Oxfam’s Director of UK Poverty, said: “We have serious choices to make in terms of how we reduce the deficit. Some spending cuts now seem inevitable but the announcements so far are once again falling on the poorest communities first.
 
“The Government needs to make sure the axe doesn’t fall hardest on the most vulnerable people in society, and a Robin Hood Tax on banks could raise the money needed to help save public services which are vital for people in those communities.”
 
Martin Narey, Chief Executive of Barnardo’s, added: “During the recession more and more parents have become unemployed and many have been forced deeper into debt. We don’t want the poorest families to pay the price of this recession, it’s time the banks made amends.
 
“Introducing a Robin Hood Tax in the Budget would make a significant contribution to this by raising billions that could protect the poorest from further cuts.”
 
The organisations supporting a Robin Hood Tax on the financial sector include TUC, Oxfam, Barnardo’s, Family Action, UK-wide Disability Alliance, Urban Forum and Stamp Out Poverty.
 
 
Ends
 
 
Notes to editor:
 
1)      There is widespread international consensus over a financial sector tax that would make banks and financial institutions go some way towards paying for the global recession they helped create.
2)      The EU Council has agreed that Member States should introduce taxes on financial institutions, and will also make the case for a global financial transactions tax at the G20 Summit in Canada later this week.
3)      For further information, please go to www.robinhoodtax.org.uk   
 
For further information:
 
Christian Zarro, Robin Hood Tax Campaign, M: 07917 164266 E: Christian@robinhoodtax.org.uk
Sarah Dransfield, Oxfam, M: 07767 085636 E: sdransfield@oxfam.org.uk
Liz Chinchen, TUC, T: 0207 467 1248 M: 07778 158175 E: media@tuc.org.uk
Barnardo’s press office T: 0208 498 7555