From the TUC

Could banks paying lower bonuses afford the Robin Hood Tax?

30 Jun 2010, by in Economics

European governments and the European Parliament have cut a deal to allow for a cap on bankers’ bonuses, expected to be adopted by the European Parliament next week. Welcoming the decision, the Robin Hood Tax campaign said that the extra money saved by the banks could be recycled, through a Robin Hood Tax, towards preventing cuts and tackling the challenges of climate change and global poverty.

2 Responses to Could banks paying lower bonuses afford the Robin Hood Tax?

  1. Charity begins-athome
    Jul 5th 2010, 9:51 pm

    Hey…never mind “global poverty”…that’s just a euphemism for “give it to Africa”.
    We all know that just means “pass it directly to the local warlord/”president for life”/whoever has the biggest guns”.
    You may as well put it directly in the Swiss bank account of the above person. & cut out the middleman.

    Let’s just use it to keep any windfall money in this country where it can actually be used to help regular, working people.

  2. Owen Tudor

    Owen Tudor
    Jul 5th 2010, 10:11 pm

    I understand the impulse to use the proceeds of a Robin Hood Tax solely for domestic purposes, really I do. But tackling global poverty isn’t just about charity – while there are grossly poor people anywhere, there will be poverty everywhere. To take just one example, poorer workers abroad are a major reason for outsourcing jobs from the UK (it’s always a bit more complicated than that, but that’s the broad brush picture). And it’s never really made sense to me that we should combat poverty in one place and not others (it would make no more sense to combat poverty in Yorkshire but leave poverty in Lancashire untouched, for example), although the effort you put in might well be different (so, the Robin Hood Tax campaign advocates spending twice as much on anti-poverty measures at home than abroad.) And I notice you don’t mention the quarter of the sums raised which we want devoted to combating climate change – it’s a whole lot easier to see why you can’t fight that in one country alone.

    It’s also a bit glib to suggest that all money given in overseas aid goes straight into warlords’ pockets – indeed I suspect you’re only saying this for rhetorical effect. Some of it may well be misused (some of the money spent here may be misused too, I’m afraid). But most of it goes to pay the salaries of teachers and nurses, or supply anti-malarial bed nets, HIV/AIDS drugs and so on.