Robin Hood Tax

The Greens have long called for the introduction of a financial transaction tax.

The South East Green MEP Keith Taylor : "Greens have championed the introduction of a financial transaction tax, both as a means of curbing harmful speculation and as a new source for generating public revenue. Public sector cuts are biting deep, yet banks have billions to spend on bonuses and tax avoidance. The Robin Hood tax is both a potentially significant source of revenue and socially just. 

"The tax will also serve as a disincentive for risky speculation, which was partly responsible for the banking collapse in the first place. It is time for the European Commission and member states to stop stalling."

- See more at: https://www.greenparty.org.uk/news/08-03-2011-green-meps-robin-hood-tax.html#sthash.He4ihBHs.dpuf

Regards Adrian Windisch

adrian@windisch.co.uk

@adrianwindisch

http://greenreading.blogspot.co.uk/?m=1

https://www.facebook.com/adrianwindisch.wokingham

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Dear Mr Windisch,

I'm a constituent in the parliamentary seat that you are contesting, I would like to know your views on the Financial Transactions Tax (FTT), popularly known as the Robin Hood Tax.

Currently, on the European mainland, 11 countries including France, Germany, Italy and Spain are about to introduce an FTT. The revenue will not go to Brussels but to their own Exchequers and, if all assets discussed are included, it has the potential to raise in the region of £30 billion a year.

That money could be used to pay back the cost of bailing out the financial sector and the on-going problems the global financial crisis caused, as well as ensuring that international commitments to combat global poverty and climate change are met. 

The financial sector can certainly afford this tax - which would be charged at a fraction of 1% on finance firms rather than individuals – in the same way that it has borne tens of billions in fines due to a host of misdemeanours from product mis-selling to rigging currency rates. Moreover, an FTT would improve the financial system by tackling short-termism and reducing destabilising activities such as High Frequency Trading.

It is often forgotten that the UK currently has an FTT - the 0.5% Stamp Duty on share transactions, which successfully raises £3bn a year. I think the UK should extend our existing FTT to other financial transactions, joining other European countries, to regulate and tax the financial sector more.  

Everyday, we hear that there will be more and more cuts. Surely it is high time the sector behind the financial crisis bears a greater burden of the costs of sorting it out. 

I look forward to hearing your views.

*Please email ppc@robinhoodtax.org.uk for more information or if you'd like to declare your position on the Robin Hood Tax, which will then be published on the Robin Hood Tax campaign's website: robinhoodtax.org.uk

Yours sincerely,