The International Politics Of The Robin Hood Tax
April 7, 2011 § 1 Comment
Before I started working on this campaign, I hadn’t realised how much potential there was for a Robin Hood tax to be introduced this year. Although we know Osborne is not a fan – a tax is looking increasingly likely in the Eurozone countries, with Germany and France leading the charge. There are now seventeen countries in the zone, meaning a Robin Hood tax would raise tens of billions each year to go towards development and climate financing, as well as public services at home. As this would be introduced, other countries that already have some sort of financial transaction tax – like Brazil and South Africa – would then be likely to join them.
In other developments, President Sarkozy of France has put Bill Gates in charge of preparing a report and recommendations on innovative financing mechanisms on behalf of the G20, whose voices will be crucial on pressuring Western governments to make sure money from the tax goes to developing governments. Bill Gates is yet to be convinced, and the US is opposed to implementing the tax themselves – though not actively blocking others from doing so. Other G20 countries like Korea, Australia and India have already got a Stamp Duty (like the UK), and so will hopefully play a progressive role at the table.
The G20 meeting is in November this year, so over the next couple of months we’ll see an increased pressure building – starting this week with our road tour!