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TOPIC: Labour: It’s Time For The City To Pay Up

Labour: It’s Time For The City To Pay Up 15 May 2017 08:38 #2529

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MAY 2017 Monday 15TH posted by Lamiat Sabin

Robin Hood tax will raise £26 BILLION to give back to the poor

LABOUR will impose a “Robin Hood” tax on stock market transactions and use the billions of pounds it would raise to repair lasting damage caused by the bankers’ crash nearly a decade ago, John McDonnell said at the weekend.
Up to £26 billion would be raised over the next parliament by applying a tiny tax on transactions that will also put a stop to the most dangerous short-term speculation.
The announcement comes after Labour vowed to renationalise key industries, such as rail, mail and energy, and to expand public services — policies outlined in a leaked draft of its manifesto.
The party said it would revise the 322-year-old stamp duty regime on share trading, closing a “loophole” exploited by banks and hedge funds, and extend the duty to cover financial “derivatives” and other highly traded assets.
At the current rate of 0.5 per cent per transaction, the policy would raise £4.7bn in 2016-17, rising to £5.6bn in 2021-22, the final year of the next parliament.
Around 10 European countries are currently preparing to introduce similar taxes.

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Labour: It’s Time For The City To Pay Up 15 May 2017 10:08 #2530

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Anyone with a brain should vote for this `pay back` but we all know they won`t. Any right-minded person can see what Tory rule has done to this country in terms of poverty and keeping the poor, poor. There IS no equality anymore. Labour want to remedy that, but as usual, the right winders will pullout the `Labour want to ruin the economy by chasing away big business`....
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