Green Motion on Robin Hood Tax succeeds

Today Kirklees has passed a motion in support of a Financial
 Transaction Tax. It could raise as much as £20 billion of additional 
revenue a year from a tiny tax of about 0.05% on transactions 
carried out by financial institutions– not ordinary individuals. 

Proceeds from the tax, also known as a Financial Transaction Tax
, could help get people back into work, be invested in infrastructure 
and public services, as well as helping us live up to our international
commitments.

Green Councillor Andrew Cooper said:

“The effects of reckless banking practices in the City of London have
 been felt by every community in the UK and many around the world – 
it is only right banks now pay their fair share to repair the damage they
 have caused.”

“If local councils are being asked to bear 28% cuts that have hit local 
people hard, it doesn’t seem unreasonable to ask the banks to pay 
a tax of as little as 0.05%.”

It would take less than one week of FTT revenue to fund the salaries 
of 4,000 new police constables, 4,000 newly qualified nurses and 
4,000 teachers.

The Council will resolve to write to the Prime Minister, Deputy Prime 
Minister, Leader of the Opposition, Chancellor and Shadow Chancellor
 of the Exchequer and Secretary of State for Communities and Local 
Government stating this Council’s support for implementing a 
wide-ranging Financial Transaction Tax that could help rebalance 
Britain away from an over-reliance on the City of London. 

The Council will also write to all local MPs outlining the Council’s position.

11 European countries, including its biggest economies – France, Germany,
 Italy and Spain – are set to introduce the policy as early as 2013 and it will
 raise them almost £30bn per year

You can find out more about the Financial Transaction Tax from the Robin
Hood Tax campaign. Website:www.robinhoodtax.org.uk