'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 Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
- 2 Pope Francis issues top 10 tips for happiness – including don’t try to convert other people
- 3 Arturo Vidal to Manchester United: Midfielder set to force through move to Louis van Gaal's Red Devils - reports
- 4 Disney heiress Abigail disowns her share of family profits in West Bank company
- 5 Israel's propaganda machine is finally starting to misfire
Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
Pope Francis issues top 10 tips for happiness – including don’t try to convert other people
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Justin Bieber posts Instagram photo of Orlando Bloom crying after Ibiza fight 'over Miranda Kerr'
Disney heiress Abigail disowns her share of family profits in West Bank company
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£20000 - £24000 per annum: Harrington Starr: A leading provider of web based m...
£28000 - £32000 per annum: Ashdown Group: Secretary (Sales Team Support) - Mat...
Competitive (DOE): Guru Careers: We are looking for an Assistant Management Ac...
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...