'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.
- 2 Oil tanker with $100 million cargo goes missing off Texas coast
- 4 Lady al-Qa’ida: On the trail of Dr Aafia Siddiqui, the world’s most wanted prisoner
- 5 A teacher speaks out: 'I'm effectively being forced out of a career that I wanted to love'
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
What do immigrants really think of Britain? Polish immigrant's Reddit post goes viral
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
With Douglas Carswell joining Ukip, my party has taken another giant step forward
- < Previous
- Next >
iJobs Money & Business
Highly Attractive Salary: Austen Lloyd: BRISTOL - This is a very unusual law c...
£35000 per annum: Harrington Starr: Network Engineer (CCNP, CCNA, Linux, OSPF,...
£50000 per annum: Harrington Starr: DevOps Engineer (Systems Administration, L...
£60000 - £70000 per annum: Harrington Starr: A prestigious leading professiona...