From the TUC

Belgian, French and Japanese Ministers – and 57 other governments – will call on UN to back the Robin Hood Tax

02 Sep 2010, by in International

In less than three weeks, the UN will hold a review summit on the Millennium Development Goals (set in 2000, they are due to be achieved in 2015 so we ought to be two thirds of the way there – and we aren’t). Deputy Prime Minister Nick Clegg and International Development Secretary of State Andrew Mitchell will be attending the event for the UK – and the TUC has joined with many NGOs to call on them to support a concrete plan of action to reach the MDGs. One key issue is how to pay for the measures necessary to reach those goals, and financial transactions taxes (FTTs) would make a big difference. But it won’t just be unions and NGOs calling for a Robin Hood Tax in New York. The Leading Group – 60 nations including the UK – are calling for a currency transaction levy (a compenent part of an FTT) at the UN summit. French foreign minister Bernard Kouchner, Japanese foreign minister Katsuya Okada and Belgian international development minister Charles Michel are leading the charge.

3 Responses to Belgian, French and Japanese Ministers – and 57 other governments – will call on UN to back the Robin Hood Tax

  1. The Squeeze
    Sep 3rd 2010, 8:06 pm

    Isn’t whacking a 0.5% tax on equity transactions just another pension’s grab?

  2. Owen Tudor

    Owen Tudor
    Sep 3rd 2010, 9:20 pm

    Ignoring the misplaced apostrophe, no, it isn’t, unless your pension fund is into short-term speculative deals (and if it is, I’d get my pension put somewhere safer). One of the points of a Financial Transactions Tax is that it alters the financial incentives away from short-term investment (bit of an oxymoron, which is a clue) and towards longer-term commitments. The impact of a 0.5% tax on a share you hold for seconds is enormous – but on a share you hold for years, it’s nugatory. Most pension funds already go for long-term holdings anyway, so it’s unlikely that a Robin Hood Tax would hurt much (you could even exclude long-term share deals, or rebate the tax if you hold a share for – say – a year, but that would make the tax more complex).

  3. The Squeeze
    Sep 6th 2010, 1:25 pm

    What about hitting market makers with it, you’ll just increase the spreads – a saving’s and pension’s grab.