‘Robin Hood’ tax plan floated

Tax on speculative financial transactions proposed

by Symon Hill 18th February 2010

As controversy rages over the alleged role of bankers’ greed in causing an economic downturn, a large range of campaigning and faith-based groups are calling for a ‘Robin Hood Tax’ to take from the richest and give to the rest.  They say that their scheme would raise £250 billion each year ‘to support public services, fight poverty, and combat climate change’. This would be raised by a tax of 0.05 per cent on speculative banking transactions – taking tax of only 50p on every £1,000.