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Robin Hood Tax

Kat GP 3

The financial sector is probably the richest economic sector in the world, it’s turnover is truly eye-watering, figures that we can hardly comprehend. This sector operates in our midst, consuming goods and services provided by society and the natural environment. It seems reasonable to me that the sector should make a fair payment to help to cover the cost of these services and to contribute to the proper functioning of society.

This is the position of the European Union. Supported by public opinion across Europe, a majority of member states want the financial sector to make a fair and proportional contribution to public finances. This after all is what we are required to do as is any other sector of the economy. In addition a majority of ordinary tax payers think that the financial sector should be paying back what they have received form the European tax payer as the bail out finance needed to rescue them from their own failings. Let us keep reminding those who forget, like the Chancellor and Chief Secretary to the Treasury, that it wasn’t us, the ordinary tax payer who brought the global economy to its knees, it was the financial sector. But it was us who were called on to rescue them from their own folly. It is reasonable that they should acknowledge this and begin to pay us back the 4.6 trillion Euros they have had from us. After all that is that they expect when they give us a loan.

In September 2011, the European Commission proposed a harmonised Financial Transaction Tax for the EU. Two important aims of this proposal are:
• to ensure that the financial sector made a fair and substantial contribution to public finances, and
• to discourage financial transactions which do not contribute to the efficiency of financial markets or of the real economy.

That to me seems fair, who’s going to argue about it?

Well the British Government for a start. Acting on behalf of their rich friends in the City, the Coalition Government promptly set about blocking the move. It seems that the richest among us do not like the idea of paying their way in the world.

Frustrated by the action of the UK Government and the blocking actions of Tory MEP’s, the European Parliament on 12th December 2012 voted to allow those member stated that wanted to implement a harmonised transaction tax to go ahead. From 22nd January 2013, The Council of Europe gave its consent to 11 member states began the process of developing a common framework for a FTT. Immediately the British Government, responding to the tug on the strings from the City, launched a legal challenge. While this is ongoing, wasting yet more tax payers money, it has not blocked the development of the FTT.

The countries that are developing the FTT lie at the heart of Europe and include the EU’s most successful economy, Germany. The other countries involved are Belgium, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia. Most of the remaining countries are supportive to various degrees, most are watching developments and reserve the right to join at a later date. Only the British Government is working to block the tax.

The new tax was supposed to have been finalised and implemented on 1 January 2014, but remains bogged down in detail but its supporters insist that it will happen. It is uncertain how much the tax will raise, current estimates are around 50 billion Euro’s per year, but it could be considerably more. There is also disagreement on where the money should go. Most will go to the national governments but the EU wants to be able to raise its own funds so as to reduce national contributions and the arguments and resentments that go with them. When the idea of a global currency transaction tax was discussed at the beginning of the millennium, it was intended that the money raised should be used to secure help for the emerging economies. Many in Europe want this ambition to remain in any allocation of funds. However the main motivation now is to rebuild Europe’s struggling economy, damaged by the apparent need to bail out the banks.

There is wide spread support for getting the financial sector to help to rebuild the economy.
A survey published by YouGov suggests that more than four out of five people in the UK think the financial sector has a responsibility to help repair the damage caused by the economic crisis. How this is done is more controversial since many who read the right wing press have a knee jerk aversion to the word Tax. However, surveys do indicate that a Robin Hood tax does have the support of two thirds of people in Britain, spread across the party divides. Perhaps the romantic appeal of Robin Hood and his merry men robbing the rich to give to the poor lives on in the hearts of the British people.

For Greens, expecting wealthy people and corporations to make a fair contribution to the welfare of society is not robbery. Our aim is to build an economy that serves needs not greed, that helps to move our country to greater equality for the benefit of all. A financial transaction tax will help this process. We accept its complications and that it needs to be global, but we want Europe to take the lead to show that it is possible. Greens in the European Parliament will work together to promote the Robin Hood tax and ensure that it works for the common good.

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George Osborn / Guy of Gisborn – Green notes on a ridiculous budget

naughty Guy of Gisborn

Robin Hood Laughs

Has anyone noticed certain similarities between the Sheriff Henchman Guy of Gisborn and George Osborn? No, I don’t mean the steamy Richard Armitidge depiction. I mean the derisive bailiff who took from the poorest what they did not owe.  This Robin Hood Region blog  shares some Green arrows of truth to drive into the latest budget; a budget already full of holes:

  • Subtract from those with least and you end up with less than nothing -basic maths!
  • Unemployment has increased since his government came to office (2.53m up from 2.47m) with those people blamed for poverty.
  • There are economic and environmental holes all over the budget.
  • Words and phrases such as ‘unavoidable’, ‘there is no alternative’  are the words of bullies and abusers the world over. Is it coincidence that these are words spoken today by our government? We must each draw our own conclusions…

  • “With the Joseph Rowntree Foundation warning that tax rises, welfare cuts, and wages freezes will push over 7 million children below the breadline in the next two years, it’s scandalous that this millionaire Government is still so reluctant to make the richest in our society pay their fair share of tax.” Caroline Lucas
  • If millionaires and multinational corporations pay ever-decreasing income tax the deficit will get worse – basic maths!
  • Corporation tax avoidance works against small & medium sized businesses which make up 60% of private sector.
  • “Treating 1 million of our cold draughty homes each year would create 140,000 jobs, save each household up to £250 in fuel bills, and cut carbon emissions.” Natalie Bennett

Robin Hood Nottingham

  • The Chancellor has failed to provide the framework to fulfill the enormous potential of our green economy.
  • The right to earn £10,000 tax free for the decreasing amount of people in steady work does not add up when public service cuts and other economic injustices mean more do not have jobs or cannot work because of  issues such as disability or age
  • The budget still relies on taxing the poorest most, targeting the most vulnerable, including children, single parent families and those with disabilities.
  • The budget fails to value the vital work of those within the public sector, undermining schools, hospitals etc … undervaluing their service and their staff
  • The budget goes against the directive of the International Monetary Fund (IMF):
  1.  IMF says the cutting corporation tax does not boost growth!
  2. IMF says we need to spend more not less. Cuts are not working.
  • Fair corporate taxation does not mean an noncompetitive economy. Sweden, Finland and others have managed.
  • The Department of Energy and Climate Change say shale gas is unlikely to reduce energy prices significantly. It will suppress the development of vital renewables:

  •  ‘The lazy, arrogant ‘no alternative’  argument lacks vision, intelligence, humanity & sense.
  • “Amidst the tax breaks for shale gas and boastful roadbuilding pledges, there is one huge green economy-shaped hole in this flailing Chancellor’s Budget.” Caroline Lucas
  • UK new nuclear is likely to be  more expensive  and less safe  per unit of electricity supplied than any other low-carbon energy source and too slow to deploy to meet our pressing energy needs.

This budget is a continued, self defeating war on the poor and has total disregard for environmental resources and balance we and other beings need in order to survive. It is socially unjust and economically reckless. It flies in the face of the needs of the majority for jobs, for warm homes, for enough money to live with dignity. It creates more poverty and then blames the poor. It works against sane action for safe, healthy environment and sustainable futures for all. Robin Hood Tax, or financial transaction tax on banks’ more risky ventures is one way forward. I encourage people to look into ever- Green policies to find out more and to vote Green in the fight for fairness.

Further Reading on Green Responses:

http://greenparty.org.uk/news/2013/03/20/budget-2013-time-for-plan-g-stop-failed-austerity-and-invest-in-the-billion-pound-green-economy

http://greenparty.org.uk/news/2013/03/20/budget-2013-another-deceptive-and-divisive-budget-for-private-profit-and-public-pain/


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Robin Hood and the Just Greens

Re-introducing Robin Hood:

Something  that has resonance with our region is the policy of the financial transaction tax, also called the Robin Hood tax.  In Green Party’s  fighting austerity and public service cuts they are for tax reform to avoid the farce of the richest of the rich and big corporations avoiding tax under both main parties and the coalition. This affects the most vulnerable, workers and small and medium sized businesses who do have to pay tax. It is not fair for people to have to bale out banks who have speculated widely and yet not have benefits passed on to them. Green Party propose the financial transaction (Robin Hood) tax on speculation in financial institutions so that risks taken are more calculated and the consequences of mistakes are absorbed more by those financial institutions than by tax payers who at present have the risks but very few of the benefits.

Politics for All People :

For those moving away from the dilemma the UK has in place of democracy, Green Party values and policies make sense. I feel the Green Party is a party for equalists; for so many who believe in and want equality and fairness because it is a party that has these values at its core, not as a vote winning after thought. Women particularly have apparently become statistically less likely to become involved in mainstream politics, even to vote.  The people supposedly representing them are nearly all white, middle class men. Women often have battles to be valued within their parties as well as in broader political spheres. It is different for Greens. A woman heads the Green Party. Our first Green MP is a woman. A fair proportion of our representatives in local and European politics are wonderful women as well as marvelous  men. It is a party that supports and responds to women as much as men from a wide range of backgrounds. Our knowledgeable people and speakers come from so many areas of work and experience including teachers and educational professionals, ethical entrepreneurs and workers, scientists, people of many faiths and none in a collaborative society. Green policies are integrated, whole and relevant to people across social and economic spectrum. Our members are heard. So in this way we are part of bringing the relevant and the fair back into politics. Sometimes I hear a description of our party members as ‘just greens’, but that has two meanings. We’re Just Greens and this does not mean we’re only green, it means we are Greens for Justice!

Antonia Sara Zenkevitch

Social Media Coordination, EM Green Party