Thought you might be interested in work that Notts Labour MP is doing to get things going with the Financial Transaction Tax. Good to hear that someone is still fighting to keep financial institutions to accounts and helping to rebuild the economy and public services they have helped to erode. "With the aftermath of the global financial crisis and the large deficit it created still casting a long shadow over our economy – and with further cuts to public services coming shortly from the Chancellor – the time to get serious about a new ‘financial transaction tax’ (sometimes called a ‘Robin Hood Tax’ or FTT) is now. Deducting a tiny fraction of one percent of the value of trades in equities, bonds and derivatives could raise billions if introduced in a concerted way across the principal world financial centres. So this week I plan to press an amendment in the Commons calling on the Government to back the principle of a financial transaction tax and to work towards a wider consensus, especially with New York as the next largest financial centre after London. And I will press the amendment to a vote on the floor of the Commons if needs be. I want the Government to stop prevaricating and begin to engage, not least because eleven EU countries are setting off with their own variant of transaction taxes. We can learn lessons from the approach they are taking, and settle on a modest transaction levy which avoids negative economic consequences. It is something that a Chancellor showing some leadership could achieve. And the revenues to fund vital public investment could be put to great use too. The G8 meeting could be a perfect forum to start to change international opinion – because the more financial centres that take part, the better. I hope that the Commons debate this week will help focus minds on this opportunity."
Posted on: Tue, 18 Jun 2013 17:09:58 +0000
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