Priorities please


It was announced yesterday (I think) that the UK has rejected a call by the EU to implement a financial tax of a mere 0.01% on bank transactions which could raise £50 billion a year.

I’d like to draw your attention to a video posted on this blog before about the absurdity of the Coalition decision to oppose the so-called ‘robin-tax hood’.

Enjoy

Max

 

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3 comments on “Priorities please

  1. oliverjackson says:

    Derivative contracts would be taxed at 0.01% and all transactions between institutions when at least one was based in the EU would be taxed at 0.1%, although the tax would actually be less than the stamp duty it would replace. The EU needs the UK’s approval implement such a tax EU-wide, though they could implement it just in the eurozone without UK approval but it’d only make (according to City of London, the governing body of the “Square Mile”, officials, so draw your own conclusions) £10 billion a year if the UK banking wasn’t taxed. Perhaps the government thinks it’ll draw more business to Britain if the EU goes ahead with that Plan B, though with the announcement they’d resist the tax, bank shares fell, so do the banks themselves believe such a policy would be advantageous to their interests? Personally I believe the best way to act in a crisis is to try to do things together.

  2. […] tax to raise funds from the City to pay for investment in transport, energy and house building. (Robin Hood Tax […]

  3. […] A financial transaction tax to raise funds from the City to pay for investment in transport, energy and house building. (Robin Hood Tax anyone?) […]

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