The Robin Hood Tax campaign – set up to push for the introduction of financial transaction taxes – has built a massive online following in just two weeks.
The campaign now has almost 120,000 fans on Facebook with more than 3,000 joining every day. This is almost four times more than the combined total of the three main UK political parties and almost twice as many as the US Democrats.
More than 61,000 people have voted in favour of the tax on the campaign’s website
www.robinhoodtax.org.uk with just 6,100 voting against – a margin of 10:1 in favour. Their verdict is supported by more than 350 economists who have signed the letter, including Professor Jeff Sachs, special adviser to UN Secretary General Ban Ki-Moon.
Let me be clear: crowds can be wrong.
But the point about this is the desire for change is strong.
The detail is not the issue: not all those 120,000 will know or understand it. I accept that. But they are saying they want change and they want change that stops abuse by banks of the world we live in.
That’s the key point.
And those who oppose this tax have not as yet offered alternatives that I have seen that are credible and come near to addressing the issues – which are not just about revenue raising but about market reform.