Robin Hood with Councillor Creasy and Eamonn Ward. A Robin Hood tax could save the Library Service.

 Green Councillors have proposed a motion to Sheffield Council on December 4th in support of a Financial Transaction Tax (FTT), which campaigners refer to as the “Robin Hood” tax. It could raise £20 billion of additional revenue a year from a tiny tax of 0.05% on transactions carried out by financial institutions – not ordinary individuals. Proceeds from the tax could help get people back into work, be invested in infrastructure and public services.

Cllr Jillian Creasy, who is proposing the motion, comments:

“We don’t agree with Boris Johnson that “greed is good”. The effects of reckless banking practices in the City of London have been felt by every community in the UK and many around the world – it is only right banks now pay their fair share to repair the damage they have caused.’

‘If local councils are being asked to bear 28% cuts that have hit local people hard, it doesn’t seem unreasonable to ask the banks to pay a tax of as little as 0.05% on transactions, many of which are speculative. It would take less than one week of FTT revenue to fund the salaries of 4,000 new police constables, 4,000 newly qualified nurses and 4,000 teachers.” ENDS

For more information please contact Cllr Jillian Creasy via 07791 614904.

NOTES : The motion text follows and all motions are at :

http://democracy.sheffield.gov.uk/ieListDocuments.aspx?CId=154&MId=5370

That this Council:-

(a)       deplores the cuts being imposed on Sheffield City Council by central government against a background of cuts to public services, jobs and benefits facing the city as a whole;

(b)       notes that extending the current Financial Transaction Tax (FTT) or “Robin Hood Tax” on shares to other asset classes such as bonds and derivatives could raise £20bn of additional revenue in the UK a year;

(c)        notes also that at least 11 European nations, including France, Germany, Italy and Spain, are moving ahead with FTTs on shares, bonds and derivatives;

(d)       believes that whilst a FTT would have a negligible effect on jobs in the City of London, investing FTT revenues elsewhere would see a significant increase in employment levels in other sectors;

(e)       believes that revenues from the FTT could be used to offset cuts to public services and local authorities, including Sheffield;

(f)        therefore calls on Government to extend the current FTT on shares to other asset classes such as bonds and derivatives;

(g)       notes that so far two dozen councils across the UK have passed similar motions;

(h)       directs that a copy of this Motion be sent to the Prime Minister, Deputy Prime Minister, Leader of the Opposition, Chancellor and Shadow Chancellor of the Exchequer, and Secretary of State for Communities and Local Government; and

(i)         thanks the many local people who have lobbied their councillors about this issue.

Find out more about the Financial Transaction Tax from the Robin Hood Tax campaign. Website: www.robinhoodtax.org.uk; email: action@ robinhoodtax.org.uk