A budget that helps the poorest

The Robin Hood Tax would turn a crisis for the banks into an opportunity for the world

Ordinary people around the world have suffered as a result of the financial crisis. We are calling for the government to introduce a Robin Hood Tax in this week’s budget, and help get people back on their feet.

In preparing its budget announcement this week, the new government faces tough choices between deep cuts to public services and raising taxes on a public already struggling to pay.

A new report by the Institute for Public Policy Research (ippr) for the Robin Hood Tax Campaign, shows that taxing banks is a fairer way to balance the UK’s books than a VAT rise that would hit low and middle-income Britain hardest.

The report found that with profits and bonuses once again rising sharply, banks, hedge funds and other financial service providers can potentially afford to pay an additional £20billion-a-year in taxes. By 2011, profits and bonuses in the UK financial services sector are estimated to reach £90bn.

“Taxing the banks would be a huge step forward, but we must remember that Robin Hood didn’t just take from the rich; he also gave to the poor,” said CAFOD campaigns officer Christina Kelling.

“A Robin Hood Tax could raise hundreds of billions each year globally, tackle poverty in rich and poor countries and help the most vulnerable adapt to climate change. It will also ensure banks pay their share of the costs of the global crisis they helped to generate and also discourage risky and short-term speculation. The financial sector urgently needs reforming and this will help. That’s why we’re supporting a Robin Hood budget.”

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Make this a Robin Hood budget Take two minutes to ask the Chancellor and your MP for a budget that helps, not hurts, the public. Please help make this a Robin Hood Budget.

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