Today, the BBA wrote to the Chancellor George Osborne to argue against the introduction of a financial transactions tax (FTT) or as it is better known a Robin Hood Tax (RHT).
The concept is simple, and its support is overwhelming. Yet, Cameron and Osborne are still reluctant to support the RHT. The letter from the BBA to Mr Osborne is quite frankly laughable. It reads:
“It is the strong belief of the associations that the proposed FTT will increase various costs within the financial system and impede the efficient operation of markets which are crucial not only for direct market participants, but for the vast array of end users who benefit from an efficient financial system.”
It is almost like they forgot it was their casino style gambling that led the UK and Europe to the biggest economic downturn since the Great Depression, with the UK’s economy continuing on life support as the coalition government continues along a path to economic ruin.
In April 2011, over 1000 economists signalled their support for the RHT, including Nobel prize winners Joseph Stiglitz and Paul Krugman. Supporters of the RHT come from all walks of life and from all political including Nicolas Sarkozy, Angela Merkel, Bill Gates, Warren Buffet, Archbishop Rowen Williams, Desmond Tutu, George Soros, Lord Turner and many more. In fact to name all those who support the RHT would take rather a long time.
Professor Jeffrey Sachs, a supporter of both the RHT and the coalition government’s determination to reduce the deficit over a five year period wrote to Mr Osborne to support the RHT. In the letter published by the New Statesmen, he argues that the FTT would help governments collect on money that is hidden by corporations in tax havens such as the Cayman Islands and help to increase spending in key areas such as education, modern infrastructure and a low carbon economy. All of which are vital to boost the UK economy.
The UK government is becoming an increasing lonely voice opposing the FTT, with the only other voice in opposition that of the BBA who are merely seeking the maintenance of the status quo. A global march for the RHT has been proposed for the 29th October prior to next months G20 summit in Cannes will be crucial to the success of the Robin Hood Tax campaign as they concert their efforts to get the tax implemented.
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Something is not right about this. It came up too quickly and the idea was not that of the protesters but that of economists and political leaders. I think everybody should research this more before we blindly go out supporting a quick fix as we are so accustomed to doing. I can see them feeding us this idea getting us to march for it, pretending to resist like above, and then screwing us all over again. Who would be in charge of implementing this tax?? I smell something funny here I beg you all to research this further and have an in depth discussion on the matter. I don’t feel like I’ve had my voice heard and we’re trying to obtain direct democracy here.
The idea behind the RHT is simple and so would be the means of implementation. The days leading up to the G20 are vital to help gain further support for the tax. A tiny tax on banks, who received vast amounts in bailouts from tax payers, to be used to help address poverty and the climate crisis both here in the UK and overseas.
If you would like information on the Robin Hood Tax visit http://robinhoodtax.org.