In response to the Labour Party's Financial Transaction Tax announcement

Responding to Labour's announcement on the Financial Transaction Tax (FTT), David Hillman spokesperson for the Robin Hood Tax Campaign said:

“This is welcome evidence of growing support for a Robin Hood Tax. The money raised could make a huge difference to the poorest and most vulnerable people across the country.

"Our research shows that, if used in the right way, this extra £4.7 billion a year could plug last year’s NHS funding gap, fix the social care crisis and hire 20,000 new teachers with money left over to build more than 70,000 affordable homes. This could change many people's lives for the better and is needed now more than ever."

One fortnight of the FTT could hire 7,000 nurses, ten days of the FTT could prevent the annual NHS winter bed crisis, six and a half months of the FTT could cover Local Authorities’ entire home care bill.

ENDS

For more information contact: Asha Tharoor on [email protected] or 07813 688680

Notes to editors:

1. Increasing Revenue: The Case for Modernising the UK's Stamp Duty on Shares
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2908464
2. The Robin Hood Tax campaign is a coalition of 120 UK organisations including Barnardo’s, Christian Aid, Friends of the Earth, Stamp Out Poverty and Unite: www.robinhoodtax.org.uk
3.The campaign has more than 250,000 supporters and is endorsed by over 1,000 economists. The campaign is calling for financial transaction taxes to help tackle poverty and climate change, at home and abroad.