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Jun 09, 2010

The Robin Hood Tax

by PhilLee — last modified Jun 09, 2010 12:07 PM

Support the campaign to introduce a tiny tax on bankers that would give billions to tackle poverty and climate change around the world.

robin-hood-maskThe Robin Hood Tax is a tiny tax on banks and other financial institutions that would raise billions to tackle poverty and climate change, at home and abroad.

It can start as low as 0.005 per cent - and average 0.05 per cent . But when levied on the billions of dollars, pounds, euro and yen sloshing round the global finance system every day through transactions such as foreign exchange, derivatives trading and share deals, it can raise hundreds of billions of pounds every year.

 

What would it cover?

It would include transactions involving stocks, bonds, foreign exchange, and derivatives (including trade of futures and options related to stocks, interest rate securities, currencies and commodities).

It would cover all transactions traded on exchanges as well as off-exchange or "over the counter" (OTC).

It would be limited to transactions between financial market actors. Ordinary consumer transactions such as payments for goods, paychecks and cross-border remittances would not be subject to the Robin Hood Tax. Short-term inter-bank lending and central bank operations would also be excluded from the Robin Hood Tax.

Who's in?

Angela Merkel (the German Chancellor) and Nicolas Sarkozy (the French President) have all spoken out in support of a tax on financial transactions.

Plenty of business bigwigs are on-board too. Lord Turner (from the UK Financial Services Authority), George Soros (the philanthropist) and Warren Buffet (US businessman extraordinaire) have all backed transaction taxes. And then there are the hundreds of economists who have backed the idea, too.

This isn't some crazy pipedream. It's a simple and brilliant idea which transcends party politics and which - with your support - can become a reality.

 

Take action!

Please sign the petition on the Friends of the Earth Europe website calling on the The Group of Twenty (G-20) Finance Ministers and Central Bank Governors to support the tax.

 

Take action and find out more