Barrett backs Robin Hood Tax

26 February 2010

Edinburgh West MP John Barrett has today backed the campaign for the Government to implement the Robin Hood Tax on bank transactions in order to raise billions of pounds to tackle poverty and climate change both at home and abroad.

The Robin Hood Tax, so called because it looks to take money from the rich investment banking operations and then redistribute it to the most vulnerable in society, has the support of world leaders across the world.

By taking an average of 0.05% from speculative banking transactions, $400 billion would be raised globally every year. This would be split with 50% to be spent domestically in the country where generated and the remaining 50% to go towards developing countries. That’s easily enough to stop cuts in crucial public services in the UK, and to help fight global poverty and climate change.

Speaking after attending the launch of the campaign in Westminster, John Barrett said:

“The best thing about this tax is that it will not affect the average man on the street in any way. As it only deals with high frequency and large volume speculative trading, traditional and retail banking will not be impacted.

“Not only this but it will raise money for obtaining domestic poverty goals as well as the millennium development goals which still remain so far out of reach and billions of pounds under funded.

“With investment banking on average 26 more times profitable per employee than all other industries banks can easily afford to pay 0.05% per transaction.

“I hope that the Government will continue to promote a global financial transaction tax and put continued pressure on countries such as the United States, which remains vehemently opposed to such a measure.”