The Robin Hood Tax Campaign |
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The 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. And while international agreement is best, it can start right now, right here in Europe. That can help stop cuts in crucial public services in Europe, and aid the fight against global poverty and climate change.
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.
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 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.
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