Robin Hood Champions in Parliament
June 11th, 2010 by Robin Hood
Posted in: Action reports
New Government. New start. Find out which MPs are pushing for a Robin Hood Tax in Parliament.
All over the country, people have been writing to their MPs asking them to use their power to help lobby for a Robin Hood Tax, and to send a message our way if they want to become a Robin Hood champion. We’ll update the list over the coming weeks and months, so keep an eye out to see if your MP becomes a champion for the Robin Hood Tax.
Middlesbrough South and East Cleveland
Sandra Osborne
“I have been contacted by several constituents concerning the Robin Hood Tax campaign and would like to lend my support to this campaign.”
John Woodcock
“We need stable, responsible banks that can enable people and businesses to achieve more – bankers did so much damage to the world economy because they ignored those principles to pursue reckless, short-term gains and were not kept in check.
A tax on financial transactions could be way in which such banks could give something back to the economy. I applaud the way in which you are seeking to apply your campaign internationally to make it most effective. Unilateral action by any one country could just see banks moving their trade abroad – avoiding their responsibilities and depriving public services in that country of much needed revenue. “
Caroline Lucas MP
“Thank you for your email. I have long supported a financial transaction tax and am delighted that momentum is growing behind the campaign for this most recent version of the tax. This simple tax would have enormous national and global benefits. Here in Sussex almost a fifth of children are living in poverty, and in Brighton people are forced to sleep rough on the streets. Over 7% of the population living in Brighton Pavilion are unemployed. Yet we are watching as the banks continue to award themselves huge bonuses, whilst the rest of the world remains in financial turmoil. Aside from the urgent need to curb the bankers’ bonuses, there is a real opportunity to benefit those in most need, providing money to tackle poverty and climate change.
“Many opponents of a Robin Hood Tax argue that the cost will simply be passed on to consumers, but as you know the aim is to focus on a distinct area of bank operations – the high-frequency large-volume trading of financial institutions in the ‘casino economy’. I also think that the UK can go it alone immediately with eg a currency transaction levy, as well as put pressure on other G20 nations to adopt taxing the banking sector globally.
“So please be assured of my total commitment to lobbying the Chancellor to back the Robin Hood tax and it is something I will be raising extensively in the debates on the emergency budget. Thank you too for your personal commitment to raising awareness of the tax amongst MP and I look forward to seeing the adverts on the tubes next week.”
Jonathan Edwards
“I support the Robin Hood Tax.”
Chesterfield
Toby Perkins
“I am emailing to indicate my support for the idea of the Robin Hood Tax, – a tiny tax on banks, hedge funds and other finance institutions that would raise billions to tackle poverty and climate change. I believe this is an idea whose time has come and would be very proud to call myself one of your Robin Hood Champions.
In a Parliamentary debate on the budget 24 June 2010 I called for the introduction of the Robin Hood Tax by saying: “How can one justify a £2 billion bank levy that will be compensated by corporation tax cuts for the banks that caused so much damage? Where was the Robin Hood tax on bank transactions, which would have brought in more than treble the amount?”.”
Coventry South
Jim Cunningham MP
“I would like to register my support for the Robin Hood Tax Campaign. I supported this proposal during my election campaign, and I am delighted to be able to support it in Parliament.”
Ann Clwyd
“I support the Robin Hood Tax.”
Sheila Gilmore
“I support the campaign for a Robin Hood Tax or, as it was known in the past, a Tobin Tax. A tax on currency transactions would dissuade short term currency speculation and provide a means to fund international initiatives, such as tackling global poverty and assisting developing countries adapt to climate change. The crisis in the international banking system has provided a unique opportunity to forge the international consensus to introduce such a tax. I was pleased that the former Prime Minister Gordon Brown stated in November 2009 that one means to provide ‘a better economic and social contract between financial institutions and the public’ would be to introduce ‘a global financial transactions levy’. I hope that the current government continue to advocate the introduction of the tax.”
Ian Davidson
“I write in support of the Robin Hood Tax campaign.”
Martin Caton
“I support the Robin Hood Tax.”
Linda Riordan
“I support the aims and aspirations of this campaign.”
Mike Weatherly
“Mike agrees with and supports the thinking behind the RHT and has talked about George Osbourne talking to RHT representatives about the banking levy.”
Mike Gapes
“I am a supporter of the Robin Hood Tax.”
Cathy Jamieson
“Please add my support to the campaign.”
Rachel Reeves
“I am writing to support the Robin Hood Tax campaign.”
Luciana Berger MP
“I would like to become a champion for the Robin Hood Tax.”
Nia Griffith
“I support the Robin Hood Tax.”
Elfyn Llwyd
“I support the Robin Hood Tax.”
Dai Havard
“I support the Robin Hood Tax.”
Middlesbrough South and East Cleveland
Tom Blenkinsop
“Please add my name to this campaign.”
Jess Morden
“I support the Robin Hood Tax.”
Paul Flynn
“I support the Robin Hood Tax.”
Katy Clark
“When the campaign for the Robin Hood tax was launched earlier this year I gave it my full support. During the last parliament I also signed Early Day Motion 913 on this issue.
“I too believe that the banks which had such a large role in causing the economic crisis should help pay towards the recovery. I believe a “Robin Hood” Tax would be one way of ensuring that this happens.”
Huw Irranca-Davies
“I support the Robin Hood Tax.”
“I support the Robin Hood Tax.”
Owen Smith
Ian Swales
“I support the Robin Hood Tax.”
Paul Blomfield MP
“I’m writing to add my support to the campaign for a Robin Hood Tax.”
Tristam Hunt
“I am very happy to give my support for a tax reform which raised money from the booming financial services sector, rather than hitting the poorest with a VAT rise.”
Chuka Umunna MP
“I have long been of the firm conviction that, as casino banking was a cause of the global financial crisis, it is only right that the banks help the country foot the bill. A 0.05% tax on speculative banking transactions would help fund and maintain our schools, universities and hospitals, safeguarding and improving public services in my constituency of Streatham and across the country. As such, I applaud the Robin Hood Tax campaign and give it my whole-hearted support. Keep up the excellent work. “
Kate Green MP
“I am delighted to support a Robin Hood Tax campaign. “
Albert Owen
“I would like to extend my support to the Robin Hood Tax Campaign.”
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From HM Treasury, I Horse Guards Road, London, SWIA 2HQ
To The Rt Hon Sir Alan Haselhurst MP
House of Commons London SW1A OAA
2 September 2010
Dear Alan,
Thank you for your letter of 14 June to George Osborne enclosing correspondence from your constituent, Mr M Jepps of 7 Gwyn Close, Boreham, Chelmsford, about a tax on financial transactions campaign. I am replying as the Minister responsible and I am sorry for the delay.
The Government also thinks that it is right for banks to make a contribution to the public purse. The International Monetary Fund has recently published their report, A Fair and Substantial Contribution by the Financial Sector, which was commissioned by the G20.
The report endorses the type of bank levy model that the UK recently announced at its Emergency Budget on 2nd June and which the Chancellor has made clear will be implemented in the UK with effect from the beginning of next year. The Levy offers an effective way forward and ensures that banks make a contribution in respect of the risks they pose to the UK financial system and wider economy. We expect the levy to yield £2.5 billion per annum once fully implemented.
The report also endorses a Financial Activities Tax (FAT) levied on the sum of certain profits and remuneration in the financial sector. As announced in the Emergency Budget we are currently examining the costs and benefits of a FAT and will continue to work with international partners monitoring developments in this area. However, the report doesn't offer an endorsement of a FTT and clearly there would need to be further discussion around whether the FTT model offers a stable and efficient mechanism.
The Government remains totally committed to the international development agenda. The UK remains on target to reach its international commitment for Overseas Development Assistance of 0.7% of Gross National Income, an important commitment for the Coalition Government.
Please pass on my thanks to Mr Jepp for taking the time to raise his concerns about this with us.
Yours sincerely
MARK HOBAN
Doing some research I found that Sweden tried such a Tax and within eight months had to repeal it. They lost over 90% of the countries financial transactions business, this I fear would have a devastating effect on the UK as a financial centre which accounts for 30 pct of GDP. The same story applies to a finantial tax imposed in the USA in the late 1960s on Eurobonds again they imposed it unilateraly and within a couple of years had to repeal it as they lost ALL the Eurobond business to London. In todays world when banks already have trading rooms from Dubhai to Singapore and Toronto, New York. I think it would take then less than a week to transfer all their trading to new centres. Do we honestly think that to raise that ammount of money there wouldnt be the incentive for financial institutions to save it?
" I hope that you will be pleased to know that I thouroughly support the idea of taxing financial transactions between banks and using the money to tackle poverty and protect public services. I will be doing what I can in Parliament to support the Robin Hood Tax."
Another Merry Woman on board!
Contacted Alan Haselhurst, MP for Saffron Walden, on 11th June 2010. A written reply received from him dated 14th July apologising for not responding - he is still waiting for the Treasury to provide him with a response.
I do not support a Robin Hood tax on bank transactions which would be very impractical and impossible to implement without driving financial business away from the UK. The Governor of the Bank of England recently described it as the worst of all the ideas to reform our financial system.Instead, the government favours a tax on the banks to protect the taxpayer from excessive risk-taking.
Kind regards
Michael Fallon MP
Thank you for taking the time to contact me about the Robin Hood Tax.
I agree with the sentiment behind the Robin Hood Tax campaign and you may be interested to know that, before the General Election, the Chancellor, the Rt. Hon. George Osborne MP, met with the campaign's representatives in order to discuss our common objectives.
The new Government has made clear that it will introduce a banking levy. It is now working on a detailed plan to implement this.
In spite of other pressures on public spending caused by the last Government's years of fiscal irresponsibility, government spending on international development should continue to be a priority. The Government is committed to increasing aid spending to 0.7 per cent of GNI, because we believe that overseas aid can save lives, combat diseases such as malaria and HIV/AIDS, and help to create bring new jobs, universal education and other opportunities for people living in the poorest countries.
In addition, we recognise that climate change is already hitting some of the poorest people in the world, and urgent action is needed to cut emissions and help protect people from the impact of rising temperatures. The Prime Minister has made this a personal priority.
I would like to assure you that, as they develop plans to implement a banking levy, Ministers will keep in mind the arguments made by the Robin Hood Tax campaign.
Thank you, again, for contacting me.
David Mundell
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Keep up the pressure. I look forward to the day when bankers are once again the servants of the people. If you don't get involved it won't happen. But people are really getting involved and it IS happening.
:-)
Sunday 3 October 2010
Robin Hood Champions in Parliament | The Robin Hood Tax
