Call for "Robin Hood Tax" to raise public funds

NEWPORT council could be set to join calls for a so-called Robin Hood Tax on Britain’s financial sector.

Labour councillors Cllrs Debbie Davies and Tom Bond will this Tuesday call for a tax on financial transactions to be extended so an extra £20 billion a year can be raised for public coffers.

The authority will write to the UK Government if the councillors motion to full council is passed, joining other authorities in England and Wales who have done the same.

The motion says that the council is continuing to face unprecedented financial strains in a period of austerity, which is having a “real impact on public services” despite the efforts of the Welsh Government.

It says that by extending the current Financial Transaction Tax – popularly known as the Robin Hood Tax – on shares to other financial products like bonds or derivatives, £20 billion extra could be raised.

Cllr Bond, who represents Rogerstone, said: “It’s part of a growing movement – lots of councils are getting involved and putting their name to it.

“It’s really a response to the financial crash and its part of a response to build a more equitable economy.”

Beechwood Cllr Davies, who is cabinet member for skills and work, said: “Clearly its not within our jurisdiction but as a consequence of the motion we would write to government in support of the Robin Hood Tax.

“It’s giving a stronger voice to reflect how many people feel across the UK.”

However senior Tory opposition councillor David Fouweather said the tax was “bad for business and bad for Britain” and would result in financial institutions taking their business to New York or Hong Kong.

“It’s nothing to do with the council, it’s national government – it’s something put through by the EU,” he said.

Cllr Fouweather added that he thought the move was an attempt to deflect away from his own motion calling for council question sessions not to be restricted to queries written in advance.

Cllr Bond rejected that criticism saying the timing wasn’t deliberate: “We’ve been looking to bring this to council for sometime.”

The full council meeting takes place on April 29 at 5pm.

Comments (5)

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9:34am Sat 26 Apr 14

Llanmartinangel says...

Labour's obsession with increasing taxes continues. Brown's tax on pensions removed £118 Billion and who is suffering for it now? The myth that taxes don't always hit working people is just that - a myth. They get away with it because people think it's pointed at the rich or some 'big bad whoever'.
Labour's obsession with increasing taxes continues. Brown's tax on pensions removed £118 Billion and who is suffering for it now? The myth that taxes don't always hit working people is just that - a myth. They get away with it because people think it's pointed at the rich or some 'big bad whoever'. Llanmartinangel
  • Score: 5

2:32pm Sun 27 Apr 14

Magor says...

These people never learn.Stop spending money you have not got.Councils should work with the money they have and stop wasting it.
These people never learn.Stop spending money you have not got.Councils should work with the money they have and stop wasting it. Magor
  • Score: -2

9:56am Mon 28 Apr 14

BassalegCountyFan says...

This is welcome news and the Council members bringing forward this show of support should be applauded.It's about time that the financial sector in the UK -particularly in the City of London - was properly regulated and the Robin Hood Tax is a fair tax (and quite a small tax in proportion to the amount of money splashed around in the banking sector) that would protect British hospitals and schools.

David Fouweather's statement that it would be bad for Britain is bizarre. It won't affect ordinary members of the public or small businesses, and the bankers that the tory party are desperate to defend could definitely afford it. It would raise around £20 billion annually - I struggle to see what planet Mr Fouweather lives on if he thinks that's 'bad for Britain'.

Really the Robin Hood Tax is common sense and goes beyond the party political divide - the likes of Unicef, Christian Aid and Comic Relief support it. The vast majority of the British public would too.
This is welcome news and the Council members bringing forward this show of support should be applauded.It's about time that the financial sector in the UK -particularly in the City of London - was properly regulated and the Robin Hood Tax is a fair tax (and quite a small tax in proportion to the amount of money splashed around in the banking sector) that would protect British hospitals and schools. David Fouweather's statement that it would be bad for Britain is bizarre. It won't affect ordinary members of the public or small businesses, and the bankers that the tory party are desperate to defend could definitely afford it. It would raise around £20 billion annually - I struggle to see what planet Mr Fouweather lives on if he thinks that's 'bad for Britain'. Really the Robin Hood Tax is common sense and goes beyond the party political divide - the likes of Unicef, Christian Aid and Comic Relief support it. The vast majority of the British public would too. BassalegCountyFan
  • Score: 3

1:23pm Mon 28 Apr 14

Roggie girl says...

I've been an avid supporter of this for years, there are so many local councils starting to back this around the country at last. It would benefit this country so much... The negative comments above are totally irrelevant to The Robin Hood tax, it's not a tax on us... This is their company overview taken off facebook to "Briefly" describe what it is: "Robin Hood Tax is a tiny tax on bankers that would raise billions to tackle poverty and climate change, at home and abroad.

If governments took a tiny tax from international bankers’ transactions, it could generate hundreds of billions of pounds every year – that could stop cuts in crucial public services at home in UK, and help fight global poverty and climate change."
There are over 11 countries that have now signed up to it and back last year at a massive meeting that David Cameron attended to discuss this... as you can guess he voted against it.... No surprises there!
If people want to make a difference instead of just moaning about it then Support The Robin Hood Tax... Bill Nighy is an avid campaigner and supporter of this as he knows how the 20 Billion this tax would raise annually by taking just a very tiny percentage, would benefit our country tenfold... so look up about the Robin Hood Tax and see what it's about before you diss it... If the Government enforced this they wouldn't need to make the cuts that they have enforced and the ones that are still to come...
I've been an avid supporter of this for years, there are so many local councils starting to back this around the country at last. It would benefit this country so much... The negative comments above are totally irrelevant to The Robin Hood tax, it's not a tax on us... This is their company overview taken off facebook to "Briefly" describe what it is: "Robin Hood Tax is a tiny tax on bankers that would raise billions to tackle poverty and climate change, at home and abroad. If governments took a tiny tax from international bankers’ transactions, it could generate hundreds of billions of pounds every year – that could stop cuts in crucial public services at home in UK, and help fight global poverty and climate change." There are over 11 countries that have now signed up to it and back last year at a massive meeting that David Cameron attended to discuss this... as you can guess he voted against it.... No surprises there! If people want to make a difference instead of just moaning about it then Support The Robin Hood Tax... Bill Nighy is an avid campaigner and supporter of this as he knows how the 20 Billion this tax would raise annually by taking just a very tiny percentage, would benefit our country tenfold... so look up about the Robin Hood Tax and see what it's about before you diss it... If the Government enforced this they wouldn't need to make the cuts that they have enforced and the ones that are still to come... Roggie girl
  • Score: 2

4:11pm Sat 3 May 14

chris11111111 says...

Yes, this is exactly what is needed .. in fact, a huge hike in taxes for those that are within the top 1% of incomes within the UK, Europe and the US is desperately needed and not far away if current economic situation is to be turned into something that resembles a vaguely functioning public sector.. We also have to remember that all money is created out of nothing, we need to re-take this process back and make it a function of our government, banks have to have the power to 'create' money out of nothing removed and this process has to become sovereign. Remember, before the neoliberals started making decisions (thatcher et al) taxes on the rich was well in excess of 50-60% ... even higher in many places. We need to revert back to these levels of taxation for the richest in society and put the brakes on the destructive, neoliberal movement.

https://www.youtube.
com/watch?v=prZB6TgS
O-M

If all money is 'created' out of nothing what does this mean for austerity?? good question i would say, it appears banks have been quantitative easing the whole time.
Yes, this is exactly what is needed .. in fact, a huge hike in taxes for those that are within the top 1% of incomes within the UK, Europe and the US is desperately needed and not far away if current economic situation is to be turned into something that resembles a vaguely functioning public sector.. We also have to remember that all money is created out of nothing, we need to re-take this process back and make it a function of our government, banks have to have the power to 'create' money out of nothing removed and this process has to become sovereign. Remember, before the neoliberals started making decisions (thatcher et al) taxes on the rich was well in excess of 50-60% ... even higher in many places. We need to revert back to these levels of taxation for the richest in society and put the brakes on the destructive, neoliberal movement. https://www.youtube. com/watch?v=prZB6TgS O-M If all money is 'created' out of nothing what does this mean for austerity?? good question i would say, it appears banks have been quantitative easing the whole time. chris11111111
  • Score: 0

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