A thousand economists agree on something – the Robin Hood Tax

A thousand economists from around the world have signed a letter backing a Robin Hood or Tobin Tax which would put a small levy on financial transactions.

The letter, which was signed by 127 UK economists – including Cambridge University economics professor Ha Joon Chang - has been delivered to G20 finance ministers in Washington and was also sent to Bill Gates to help in his search for ways to finance action against climate change.

The Telegraph’s Louise Armitstead reports:

The letter declares that the tax is “an idea that has come of age”. It adds: “Even at very low rates of 0.05pc or less, this tax could raise hundreds of billions of dollars annually and calm excessive speculation.”

Max Lawson, spokesman for the Robin Hood Tax Campaign, said: “If the G20 don’t want to listen to campaigners then they should listen to the experts.”

The Telegraph also quote Columbia University’s Jeffrey Sachs who is a special adviser to UN secretary general Ban Ki Moon:

“It is time for the G20 to agree to a tax on financial transactions to help poor countries struggling with climate, food and economic crises they did nothing to cause. The tax would also be a fair and efficient way to help close budget deficits in our own countries as well.”

Left Foot Forward reported last month that the European Parliament:

…backed the report by Greek Socialist Anni Podimata to establish an EU-wide financial transactions tax (FTT) by a large majority of 529 votes to 127.

At the time, Ms Podimata had said:

“Citizens have been hit hard by the financial crisis and face growing unemployment. At the same time, the financial sector remains largely under-taxed and has this year enjoyed profits and bonuses at pre-crisis levels.”

Labour List have publicised Unite’s support for the tax, while Left Foot Forward recently reported Peter Tatchell’s support for the tax at the March for the Alternative; he said:

“I am really surprised that the Left and trade unions are not speaking more strongly for the Robin Hood Tax….unless we start promoting this alternative I don’t think we will win.”

Back in October last year Left Foot Forward’s Rayhan Haque wrote:

“The case for a financial transaction tax is overwhelming. It embodies every principle the left believes in: fairness, justice, and reciprocity.

“The time has now come for the new generation in the Labour party to take this to the next level.”

Ed Miliband, Ed Balls and other senior Labour party MPs support the tax; perhaps now is the time to put more pressure on the coalition on the issue.

http://twitter.com/youdidntwin/status/58522371769901056 Sorry Dave

RT @leftfootfwd: A thousand economists agree on something – the Robin Hood Tax: http://bit.ly/elfPVc writes @dbr1981
http://twitter.com/lewmerdler/status/58528801000390656 lewmerdler

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http://twitter.com/ayiasophia/status/58553868841259008 Sophia

But banks don't like it so… RT @leftfootfwd A thousand economists agree on something – Robin Hood Tax: http://bit.ly/elfPVc
http://twitter.com/rctunison/status/58558130514169856 RCT UNISON

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http://twitter.com/unisoneastmids/status/58632018002579456 UNISON East Midlands

A thousand economists agree on something – the Robin Hood Tax http://is.gd/lQPSVF
Mark Stevo

I suspect they’ll be pretty disappointed with the revenue raised. No one’s done an analysis of trade profitability so it’s rather difficult to say what the impact on volumes will be. Given the huge prevalence of black box trading in FX and equity markets, the impact on volumes will be rather larger than 50%.
http://twitter.com/spinwatch/status/58856474620854272 Spinwatch

RT @leftfootfwd: A thousand economists agree on something – the Robin Hood Tax: http://bit.ly/elfPVc writes @dbr1981
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RT @Spinwatch: RT @leftfootfwd: A thousand economists agree on something – the Robin Hood Tax: http://bit.ly/elfPVc writes @dbr1981
http://twitter.com/websterfrank/status/58861119640571904 Frank Webster

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Barry

Is this the Tobin tax with another name? Great idea, but I won’t hold my breath. Sarkozy has been pushing it at G20 and elsewhere, but the financial sector lobbying against it is incessant
http://progressivemiddlesbrough.wordpress.com/2011/04/18/the-sickening-pfi-profiteerers-leeching-funds-out-of-the-public-sector/ The sickening PFI profiteerers leeching funds out of the public sector « Progressive Middlesbrough

[...] for a fairer route to recovery, and a huge part of our alternative plan includes fair taxation, a Robin Hood Tax on the banks, and making sure companies pay their fair share in [...]
http://www.leftfootforward.org/2011/10/ed-miliband-ed-balls-robin-hood-tax-financial-transaction-tax/ Miliband and Balls need to be more vocal in support of the Robin Hood Tax | Left Foot Forward

[...] the same time, 1,000 leading economists have given their backing, countries from Finland to Spain across Europe have made their support [...]
http://www.leftfootforward.org/2011/11/osborne-in-public-i-am-not-against-tobin-taxes-osborne-in-private-he-remains-unconvinced/ Osborne this week: “I am not against Tobin taxes” Osborne last week: “He remains unconvinced” | Left Foot Forward

[...] A thousand economists agree on something – the Robin Hood Tax – Dominic Browne, April 14th 2011 Share | Permalink | Leave a comment Comments [...]