In spite of constantly claiming that the UK is so bankrupt that we can't afford to give poor kids free school meals, the Tories are blocking proposals to introduce a "Robin Hood tax" on bank transactions, which would cut the deficit by about £20bn. When the proposals were last voted on in the European Parliament, Labour MEPs voted in favour of it, while Tory and Lib Dem MEPs opposed it. It'll be voted on again in early March.

 

I'll let Bill Nighy explain exactly what a Robin Hood tax is:

 

 

A tax of just 0.05% on all transactions between financial institutions wouldn't harm the average British citizen AT ALL, and yet it would take a huge chunk out of the deficit. The French and German leaders are known to be keen on it, and Gordon Brown said when he was in power, that he was in favour, and even the Obama administration have said they're not deadset against it in the past - but, since the Coalition came to power, Cameron has been busily blocking any attempts to introduce it, because it would harm the Tories' City paymasters, and the Lib Dems have now seemingly submitted to them as well.

I don't think I need to say anything that's not already been said about this government. Let's just say this shows where their priorities lie.

The biggest problem with a Tobin tax (as it was originally known, after the economist who first proposed it) has always been that it would have to be imposed in all major economies. Over the last year or two, we finally started to see the leaders of the major economies show some support for the idea. It's no surprise that Cameron and Osborne are opposed to the idea but I would hope that Lib Dem MPs and peers (i'm thinking of you, Matthew Oakeshott) will apply some pressure.

Whilst in principle I agree with the idea of the Robin Hood tax, that video with Bill Nighy really gets on my t*ts. I'm not a fan of those videos where the opposing side is set up as a Simplicio character, who bumbles his way through his flawed logic. Perhaps I've just got tired of Richard Curtis's political films, especially after his 'if you don't agree, we'll blow you up' climate change video, which set back the climate change movement by years. He should stick to the films he does best, quintissential British comedies, and stay out of propeganda.

The biggest problem with a Tobin tax (as it was originally known, after the economist who first proposed it) has always been that it would have to be imposed in all major economies. Over the last year or two, we finally started to see the leaders of the major economies show some support for the idea. It's no surprise that Cameron and Osborne are opposed to the idea but I would hope that Lib Dem MPs and peers (i'm thinking of you, Matthew Oakeshott) will apply some pressure.

 

Indeed, this is one of the few times when the threat of "bankers fleeing Britain" would apply (if Britain were to set up a Robin Hood tax on its own). But the financial crisis has changed the game, and the IMF published a report in favour of it last year, and Obama and Geithner have made some mild signs they're in favour of it - though admittedly American support would be much tougher now Republicans control Congress... although, considering there's just as much anger among Americans at banks as there is among Brits, I don't think it would be impossible for American support.

Whilst in principle I agree with the idea of the Robin Hood tax, that video with Bill Nighy really gets on my t*ts. I'm not a fan of those videos where the opposing side is set up as a Simplicio character, who bumbles his way through his flawed logic. Perhaps I've just got tired of Richard Curtis's political films, especially after his 'if you don't agree, we'll blow you up' climate change video, which set back the climate change movement by years. He should stick to the films he does best, quintissential British comedies, and stay out of propeganda.

 

It would be "propaganda" if it wasn't actually true though, but seeing as how it is essentially true (even though it's using humour to put its point across), then it's not propaganda IMHO... The fact is the banks are using their considerable influence to stop a Robin Hood Tax and they've been rather relentlessly lobbying politicians here and the States in order to do so... And I wouldn't rely on Obama if I were you, all he's done is appointed most of the same fukkin dirtbags into his administration who caused the sh"t in the first place...... It would be just a BIT like FDR appointing people who caused the Great Depression into his administration....

 

..But then, Obama has pretty much proven to me that he's definitely NO Roosevelt.... Roosevelt had balls and he wasn't afraid to take on the bankers and the big businessmen, Obama is a gutless coward, same goes for Cameron and Osborne.... We NEEDED someone like FDR to come along and do something about the banks and the Corporations, to make a REAL change, I was SO hoping it was going to be Obama, but look what we got instead, someone who has done nothing but compromise....

The important thing is to get banks lending to businesses again to help the UK economy grow so while Robin Hood taxes make juicy headlines they reduce the amount of money there is to lend to businesses to start up/expand/create jobs.

 

It is time to stop looking at punishing banks for the past and instead working with them to get the economy moving again and creating jobs.

Edited March 24, 201114 yr by Valley Pub

A Robin Hood tax would be on 0.05% of financial transactions. Hardly sucking the banks dry.

A Robin Hood tax would be on 0.05% of financial transactions. Hardly sucking the banks dry.

 

Indeed but £20bn paid out in taxes is still potentially £20bn less to lend to businesses over a period of time

Edited March 24, 201114 yr by Valley Pub

Indeed but £20bn paid out in taxes is still potentially £20bn less to lend to businesses over a period of time

Which is money they aren't exactly lending at the moment. This money could go into a regional banking system whereby lending is distributed more evenly across the nation rather than concentrated in the South East, thereby stimulating capital development elsewhere.

Which is money they aren't exactly lending at the moment. This money could go into a regional banking system whereby lending is distributed more evenly across the nation rather than concentrated in the South East, thereby stimulating capital development elsewhere.

 

The 21 enterprise zones set up by the government cover vast sections of the midlands and the north and I am sure as well as tax breaks Osbourne has agreements in place with banks to make loans available to businesses in those enterprise zones.

Yeah, but the enterprise zones aren't a huge amount of use to existing small businesses - more a way of stimulating the profits of big corporations, as seen in the 1980s enterprise zones.

 

Funny, these agreements he's got in place haven't done much to date to encourage the banks.

Yeah, but the enterprise zones aren't a huge amount of use to existing small businesses - more a way of stimulating the profits of big corporations, as seen in the 1980s enterprise zones.

 

Funny, these agreements he's got in place haven't done much to date to encourage the banks.

 

If banks don't lend to new/existing small businesses then they should be made to or given extra taxes, the banks don't deserve a free ride certainly not but they are the key to get Britain doing business and creating jobs again so yes if they don't lend more to businesses there will be no argument from me with regards to extra taxes on the banks.

The important thing is to get banks lending to businesses again to help the UK economy grow so while Robin Hood taxes make juicy headlines they reduce the amount of money there is to lend to businesses to start up/expand/create jobs.

 

It is time to stop looking at punishing banks for the past and instead working with them to get the economy moving again and creating jobs.

It won't be time to stop punishing the banks for a long while yet. So far they've paid back a tiny fraction of the amount they cost the economy.

I don't think the banks have been punished yet, when do we start?