The Robin Hood Tax campaign proposes to put a minuscule 0.05% tax on financial transactions. It is conceptually similar to the Tobin tax, which was proposed for foreign exchange currencies only. The campaign claims that more than £100 billion could be raised by such a tax in order to help combat global poverty and indeed to prevent the cutting of certain vital services in the United Kingdom.
This video, entitled “The Banker” and starring Bill Nighy is the first of what the campaign hopes will be many similar shorts.
For those of you now intrigued, below are two videos of Richard Curtis, a supporter of the campaign, speaking to the Royal Society about why he thinks the tax is an idea worth really considering.
I like the idea but call me a cynic, I’m not sure curing one of the greatest global issues could really be that simple.
The idea would certainly need full and united support from the G20 nations to work properly since otherwise it could not be universally implemented. This is the only way the tax could be implemented. If it wasn’t introduced universally, capital flight would be a very serious possibility. As a result, markets covered by such a tax could suffer badly.
One blogger seems to think their are endless other solutions to the same problem…