The Banker

See Bill Nighy starring in our brilliant (even if we say so ourselves) launch film, now seen by more than 1 million people.

France starts collecting revenues from its unilateral FTT and allocates part to helping the most vulnerable in developing countries

On November 1st a 0.2% tax on share trading in France came into effect. The tax will raise €1.6 billion in much needed new revenue every year.

France seems to have set a trend, as Italy and Portugal have also announced plans to implement their own FTT. President Hollande has agreed to commit 10% of the revenue to helping fight poverty, HIV/Aids and tackle the adverse effects of climate change in the world’s poorest countries. Whilst we welcome using revenues in this way, we are continuing to fight for at least 50% to be spent internationally and that France uses all its diplomatic powers to persuade its European partners to do the same. A 50% allocation of the broader European FTT would translate to €18.5 billion a year. This would help ensure that European countries do not abandon their international commitments to vulnerable people in the developing world who continue to suffer from an economic and climate crisis that was not of their making.

This. Is. Huge.

We have some seriously good news to tell you!  This week the European Union gave the green light (good choice of colour) to eleven countries to implement a Financial Transaction Tax (FTT).

The top European Union tax chief called it “historic” and “a major milestone in tax history”.

This is the culmination of years of work by campaigners all across Europe.  The FTT has the potential to raise £30 billion of new revenue each year.

David Hillman, our man in Sherwood, said:

“We're delighted that in Europe at least, the public interest has trumped the profit of a privileged few. This historic decision is proof that making banks pay for the damage they caused is not rocket science, but a matter of fair play and political will."

But as we know, some countries - including the UK - are refusing to budge. The contrast could not be starker within the UK. The Government can't justify turning down billions in revenue to protect the super rich in the City. They consistently choose to cut services for the poorest instead.

Today’s decision shows that an alternative to austerity is possible, and that in Europe banks are now being made to pay their fair share towards a crisis which they helped cause.  The UK is isolated on this issue and we need to make the feel it!

We must also keep our eyes on these European Governments to make sure this money will be used to create jobs, keep schools and hospitals open, and help tackle poverty and climate change abroad.  For a Robin Hood Tax to be truly won, the money needs to be spent in the right way.

But for now, back to the celebrating. Congratulations to all you Merry (Wo)Men across Europe!

Posted by Robin Hood