MP, Ian Swales, who has called for the introduction of a financial transaction tax.
Mr Swales has tabled an Early Day Motion in the House of Commons calling on the government to introduce a ‘Robin Hood’ tax, which would take an average of 0.05% from speculative banking transactions that could potentially raising hundreds of billions of pounds every year to tackle poverty and climate change.
Commenting Mr Swales said:
“Given that the banks had such a large role in causing the economic crisis it’s only fair that they should help pay to fix it.
“The bank levy announced by the Chancellor in the recent budget was a welcome first step, but there is still a lot of scope to explore further bank taxes, specifically the introduction of a Financial Activities tax on excess profits and remunerations.
“A ‘Robin Hood’ tax has the power to raise hundreds of billions every year and could give a vital boost to the NHS, our schools, and the fight against child poverty in the – as well as tackling poverty and climate change around the world.”
1. Early Day Motion tabled by Ian Swales MP entitled Robin Hood Tax
That this House supports the Robin Hood tax campaign which calls for the introduction of a financial transaction tax; notes that by taking an average of 0.05 per cent. from speculative banking transactions, hundreds of billions of pounds could be raised every year to tackle poverty and climate change, at home and abroad; believes that banks, which had a large role in causing the economic crisis, should do more than just pay back the bailouts or insure against future crises; further believes that a Robin Hood tax would be an effective and popular response, with a recent poll finding that 80 per cent. of respondents supported the introduction of a Robin Hood tax; commends the work of all those organisations backing this campaign who have mobilised their supporters to increase the pressure for such change; believes that this tax is an idea that has come of age; and urges the Government to do all possible to ensure that the Robin Hood tax becomes a reality.