Jeffrey Sachs, who may be reviewing his title of “personal adviser” to George Osborne in the light of the Fox-Werritty scandal, has written in the New Statesman to urge the Chancellor and the Prime Minister to back a Robin Hood Tax at the G20 summit in Cannes at the beginning of November. And to help join the campaign to persuade the USA to follow suit, rather than – as the UK is doing now – hiding behind the USA’s opposition (some leadership!).
Sachs, who supports the Government’s deficit reduction strategy, nevertheless welcomes the positive impact a Robin Hood Tax would have on the usefulness/efficiency of the financial sector, welcomes the opportunity it provides to increase funding for eradicating global poverty and tackling climate change. And he also supports the redictributive effect that a Robin Hood Tax would have, taking from the rich and giving to the poor.