I have given my support to the following letter to the Prime Minister from chief executives of a range of voluntary sector and other organisations who support the Robin Hood Campaign for a financial transactions tax
28 October 2011
Rt. Hon. David Cameron MP
10 Downing Street
Dear Prime Minister,
In February 2010 we launched the Robin Hood Tax campaign, calling for a tiny tax on financial transactions to tackle poverty at home and overseas, provide vaccines and life saving treatment for the world’s most vulnerable, and tackle the impacts of climate change. Eighteen months later we are just days away from a G20 summit where a financial transactions tax (FTT) will be debated. We have the support of over 115 organisations in the UK, hundreds of thousands of ordinary people, 1000 international economists, hundreds of parliamentarians, campaigners in over 50 countries, world leaders such as Angela Merkel and Nicolas Sarkozy, and global figures such as Bill Gates.
But we don’t yet have the support of the UK Government.
We are calling on you to change this now, and work with other G20 countries to introduce a Financial Transactions Tax when you attend the G20 summit in Cannes. Your government has said that you are not opposed to an international financial transactions tax and that you will engage on this issue. But we fear that instead the UK Government is acting to block debate. This is despite the fact that the UK has one of the largest transaction taxes in the world, the stamp duty on shares, and is a world leader in showing how to design and implement such taxes without global agreement.
The UK is also leading the world with its commitment to reach 0.7% of GNI as ODA and is in a position of strength to champion development and climate finance. We therefore also call on you to argue that the revenues from an FTT are used in part to support international development efforts, and to provide the minimum $100bn pledged for climate finance.
A Robin Hood Tax would be the most popular tax in history. While you are at Cannes, please act for those hit hardest by the financial crisis. Act to protect essential public services in the UK, to tackle poverty at home and overseas, and to address climate change.