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Derek Twigg, MP for Halton

Working Hard for Widnes, Runcorn & Hale

Derek attends campaign launch for 'Robin Hood' tax on the banks

01 Mar 2010

Last Wednesday Derek attended the launch of the so-called 'Robin Hood' tax campaign at the Houses of Parliament.  He has also received representations from several constituents who had asked him to support the campaign.

Campaigners involved in the coalition behind Make Poverty History for the UK-hosted G8 Summit back in 2005 joined MPs on 24th February to champion the speedy implementation of a global Financial Transaction Tax (FTT), which aims to ensure that the banking sector pays its fair share of the costs of the economic downturn.

World leaders including Gordon Brown came together at Pittsburgh last September to task the International Monetary Fund (IMF) with drawing up an implementation plan for the FTT, which it is estimated that at just the rate of 0.05% could raise revenues of up to $400 billion (£250 billion) every year - with tens of billions going to the UK.

The Robin Hood Tax campaign proposes half of revenues could go towards domestic commitments in the countries where the revenue is raised, and half towards international commitments such as poverty reduction in meeting the Millennium Development Goals and tackling climate change.

The aim is to exert pressure on world leaders meeting at the G20 Summit in April to introduce the FTT, setting out how it would work, and immediately a small levy on the pound.

Derek said:

"I was delighted to attend this launch of the 'Robin Hood' Financial Transaction Tax campaign.  There was a real sense of energy about the campaign, which I'm confident will develop momentum in the coming months.

It's vital that the financial services industry pays its fair share towards lifting people in Britain and the world over out of poverty and mitigating the effects of the global downturn which the sector caused.

The revenues raised through the Financial Transaction Tax could go a long way towards meeting a variety of needs across Britain & Halton; £4 billion could halve child poverty; a further billion would ensure full insulation for every home in Britain; and every billion pounds invested could deliver 17, 500 affordable homes.

Globally the tax could prove a major instrument in fighting poverty; revenue raised in just one minute could provide a well-equipped school for 250 children, and 100,000 people could benefit from a basic health service from just under two minutes of transaction revenues.

Together with helping to mitigate the effects of climate change and assisting countries in reducing their carbon output, the FTT could prove of real benefit to millions of people in Britain and across the world.

I have signed a House of Commons Early Day Motion calling for decisive international action to implement the tax, and will continue to make representations to Ministers.

I would urge people in Halton to sign up in support of the campaign at www.robinhoodtax.org.uk

 

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