Skip to main content

To: George Osborne

UK Government should support the Financial Transaction Tax

UK Government should support the Financial Transaction Tax

Mr Osborne,

Please join with other European countries and support the creation of a Financial Transaction Tax. Such a Tax on financial speculation could raise millions of pounds to support domestic and overseas problems and issues such as the flooding, infrastructure projects, climate change, famine and drought.

Why is this important?

Banks and financial institutions can make millions from risky speculations. However, when these go wrong, as happened in 2008, billions of pounds of public money were used to bail out the banks and save them from the consequences of their risk taking.

Since the 2008 crash the total paid in bonuses will this year pass through the £80bn barrier – some three and a half times the amount banks have paid in Corporation tax and the bank levy – and equates to around £1,250 for every man, woman and child in the Britain.

This Tax is not intended to be punitive: nicknamed the "Robin Hood Tax" it is, like the folk hero, intended to redistribute wealth and help those in difficulty. If we, the public and the tax payers, must share the financial risks of banks' trading then it seems simply fair that, at other times, we should also receive some benefit. This money can be distributed and spent to the benefit of all - in the UK, abroad and for the environment.


Reasons for signing

  • It is time that the richest sectors and individuals pay an unavoidable tax for the societal benefits they enjoy.
  • Prevent them from 1 (printing) creating money 2 support speculation: this will reduce size of problem ! 2 speculate with depositor's money that the depositors would like not 2 b speculated with in that way, but just kept safe what one would want from money in a current account 4 example at present, near 100% of all deposits are used 2 speculate; 100% of what is getting lent is just printed/created by the bank 4 being lent AT INTEREST !
  • I am not a Tory

Updates

2014-03-19 23:46:47 +0000

25 signatures reached

2014-02-27 14:06:22 +0000

10 signatures reached

2014-02-19 17:30:26 +0000

Some excellent and inspiring comments from Bill Nighy here: http://www.theguardian.com/commentisfree/2014/feb/19/bill-nighy-bankers-turn-yourselves-into-heroes-transaction-tax?CMP=fb_ot