'Robin Hood' campaigners continue to fight for levy
Where now for the "Robin Hood" tax? The IMF is not a fan of the campaign for a transactions levy to alleviate poverty in the third world. However, this is an organisation whose structural adjustment programmes, designed to get poorer countries' economies on track, have been criticised for creating more poverty than they alleviated by the sort of people advocating the tax.
Yesterday, campaigners said they would continue to fight for the levy, and claimed at least some victories from the IMF's report. "By calling for major taxes on banks and hedge funds to help pay back society for the mess they caused, the IMF has taken a big step towards a Robin Hood Tax," said Mark Lawson, a spokesman for the campaign.
"[But] the IMF tax should not just be about saving money in case banks mess up again, it must also deliver hundreds of billions of pounds to help millions of people hit by the economic crisis here in the UK and in Africa and to fight climate change," he said.
Neither the IMF nor the UK's main three political parties have suggested taxes that would raise nearly enough to deal with these problems, said Mr Lawson. "There is no doubt banks can afford to pay up. The global banking sector reported profits of $700bn last year and Goldman Sachs is already filling this year's bonus pot. A transaction tax remains the best option to deliver the scale of resources needed," he added.
But the campaigners like the fact that the IMF has opened the door towards an international charge. "The IMF has fatally undermined the arguments of opponents that financial transaction taxes were impossible. The fund not only found that they are practical but that many countries already have them," Mr Lawson said.
The trouble with the tax is that, with the IMF giving much of it to national governments to spend as they please, it is likely to go towards plugging Britain's budget deficit before developing nations get a look-in.
- 1 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 2 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 3 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 4 Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
- 5 UK weather: Britain braced for snow as arctic air mass moves in
Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
Ian Brady: Moors murderer announces his support for Ukip and the SNP
Aaron and Melissa Klein: Oregon anti-gay bakers ordered to pay $135,000 after refusing to make cake for same-sex wedding
UK weather: Britain braced for snow as arctic air mass moves in
Bali Nine executions in Indonesia: Death row British grandmother Lindsay Sandiford says she 'just wants to get it over with'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£20000 - £22500 per annum + OTE £30K: SThree: SThree Group have been well esta...
£25 - 30k: Guru Careers: We are seeking an Application Support Analyst / 1st L...
£45K - £55K (DOE) + Benefits: Guru Careers: We are seeking a full stack .NET D...
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...