Time for a Robin Hood Tax

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The Robin Hood Tax Campaign has published its Budget Submission to HM Treasury. Readers of this blog might recognise the writing style.

The submission says:

The Budget debate provides the opportunity for all political parties to show their support for the Robin Hood Tax, not just on an ideal international level but starting here and now in the UK with a  unilateral sterling CTT. 

Without new sources of government revenue, cuts will hit vital public services, poverty relief, prevent the world fulfilling the Millennium Development Goals and reduce funding available to  tackle climate change.

The Robin Hood Tax can also be part of the policy response to the economic crisis by helping reduce irresponsible banking and putting pressure on bank bonus pay - outs. Unlike other proposals for tax increases such as a rise in VAT, the Robin Hood Tax is progressive and falls on those who not only  can afford to pay it, but bear a large share of the responsibility for the downturn. 

Robin Hood Taxes can deliver on these issues. Now is the time to commit the UK to such taxes. 

As the submission also says:

We are quite realistic: Robin Hood Taxes won’t solve all the world’s problems by themselves. They can’t. 

Of course that is true, but it does not undermine the argument that we need action now to tackle the problems we face – and new taxes on irresponsible banking are part of that solution.

It will be interesting to see if any commitment is made.