Poorest are picking up banking bill in Budget say tax campaigners

By staff writers
June 22, 2010

Campaigners have said that the Chancellor's bank tax is "disappointing" and that the budget is "taking from the poor to give to the rich".

Responding to the bank levy announced by the Chancellor in the Emergency Budget today (Tuesday), David Hillman, a spokesperson from the Robin Hood Tax campaign, said: ''The Chancellor called today’s budget "unavoidable" – but it’s the banks that have avoided paying the price of the global recession they helped create. Instead, the poorest have picked up the bill.

“The Chancellor has hiked VAT – a direct hit on the pockets of the poorest people in our society. In stark contrast, a Robin Hood Tax on the financial sector would take from the rich and give to the poor.

“A bank levy is a first step in the right direction, but a tax that only raises £2 billion is extremely disappointing and is nowhere near the £20 billion that the banks could afford to pay, as our latest research shows. This money is desperately needed to prevent severe cuts in public spending and to save jobs.

“The Robin Hood Tax Campaign will put pressure on the Chancellor to act on his promise to explore further bank taxes this year, specifically the introduction of a Financial Activities Tax on excess profits and remunerations. We will also urge him to tax the financial sector far more ambitiously and make sure that its proceeds go towards helping avoid the worst cuts, as well as tackling poverty and climate change at home and abroad.”


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