Banks get off lightly in emergency budget

| June 23, 2010 | 0 Comments
Banks get off lightly in emergency budget

George Osborne’s emergency budget “takes from the poor to give to the rich” according to campaigners for a fairer tax system.

The Chancellor of the Exchequer has failed to hold banks responsible for the financial carnage they caused in the credit crunch and the subsequent recession, 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,” said David Hillman, Robin Hood Tax campaign spokesperson.

“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.”

Hillman said the Chancellor’s bank levy is “a first step in the right direction”, but pointed out the levy will only raise £2 billion.

“This is nowhere near the £20 billion that the banks could afford to pay, as our latest research shows,” Hillman said.

“This money is desperately needed to prevent severe cuts in public spending and to save jobs.

“We will urge the Chancellor 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.”

The Robin Hood Tax campaign is calling on the government to charge a small fee on all financial transactions carried out by banks.

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