Green Party

The Green Party's spring conference has today backed the campaign for a new Robin Hood tax. The Financial Transaction Tax, which is supported by campaign groups such as Oxfam, Banardo's and Friends of the Earth, would impose a small tax on financial products such as stocks, bonds and derivatives and raise around £250 billion for investment in addressing poverty in poorer countries, in improving public services in the UK, such as the NHS, and in tackling climate change. A poll recently published by YouGov found that people are still outraged with the behaviour of the banks, and support the idea of a tax on financial services.

Adrian Ramsay, Green Party Deputy Leader and MP Candidate for Norwich South, proposed the emergency motion to Green Party conference this morning. Councillor Ramsay said:

"The Robin Hood Tax would not be levied on banks’ transactions with their high street customers, but only apply to transactions between financial institutions. The average level of tax would be around 0.05 per cent, but even such tiny taxes would raise hundreds of billions of dollars a year given the scale of transactions."

"This is a fantastic proposal. It's action that the Government can take immediately towards restricting footloose and irresponsible behaviour of the banks whilst reducing the gap between rich and poor both here in the UK and abroad. It will provide money - from those who can afford to pay - towards investment in the NHS and creating jobs in public services at a time when we most need it."

The Green Party has long supported a tax on speculative financial transactions, known as the Tobin Tax, which would be set at a higher level than the Robin Hood Tax, though still at only 1%, in order to help prevent a repeat of the problems that led to the credit crunch.

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