Osborne reveals true colours on Robin Hood. And they’re not Sherwood green….
I’ve posted on Left Foot Forward about Chancellor George Osborne’s opposition to the Robin Hood Tax at the EU Finance Ministers’ meeting in Brussels yesterday. There’s no doubt that the progress made over the last couple of months has led to a reaction from the financial interests that oppose the tax. We’ve seen a huge increase in attacks on the tax from the financial sector, from right wing pundits, and from politicians either backing or scared of the City – as well as a lot of trolling in the blogosphere. Most of the arguments are not new (if I see one more article that refers to the Swedish experience of FTTs as a killer fact, I shall scream – even the IMF have seen through that one). but they’re getting creative. The newest is a suggestion that the tax will fall mostly on pensioners – you know, the people George Osborne has demonstrated he is so concerned about (not!) – which seems to have originated in the Netherlands. Hopefully these criticisms will lead to a proper debate, rather than being rejected out of hand by Robin Hood campaigners or used as a convenient excuse by opponents who want to kill the argument stone dead – as Osborne was suggesting at ECOFIN yesterday.