What the Robin Hood Tax would mean for international development
The TUC is backing the Robin Hood Tax for a number of reasons: the revenue raised would protect vital public services from cuts, and would be used to create jobs and combat poverty in the UK. The tax would also produce money for climate change, and act as a brake on risky financial speculation. But the TUC also wants the tax used for combating global poverty – the realisation of our campaigning for many years through Make Poverty History and so on.
We are reaching out to trade union partners in the global south – in Brazil and South Africa, for instance, who are members of the G20 but still face enormous problems of poverty and inequality at home, far greater than ours in Britain. The Robin Hood Tax could raise as much as £60 billion a year to fight poverty around the world, and there are many examples of what it could be spent on.
- In three months, the tax could pay to treat for 8.6 million people living with HIV/AIDS;
- In just under two months, the tax could pay for every child not currently in school to go;
- Every four days, the tax could pay for a million teachers in Africa;
- A day of the tax could pay for 70,000 nurses;
- One minute would provide safe water for 130,000 people;
- And in just a second, it could provide 9,000 school children with a pencil and an exercise book
Put like that, it’s difficult to imagine a tax that could do more good, and by reducing financial speculation, cause less harm.