The ruling group of Green councillors on Brighton & Hove City Council are backing the nationwide ‘Robin Hood Tax’ campaign. The campaign argues for a small levy on some financial transactions in the banking sector, to discourage risky behaviour and help pay for public services.
Estimates suggest that small tax on speculative and risky transactions of less than 1% could raise approximately £20bn a year in the UK alone.
Councillor Jason Kitcat, Leader of the Council, said:
“It’s only fair that those who caused the financial crash should contribute towards repairing the damage it caused. Eleven countries across Europe have already agreed to introduce a Robin Hood Tax to their banking sectors – but our Chancellor has not only dodged doing the same here but actively opposed others in Europe taking this step.
“Ordinary people have been hit hard by both of the bankers’ crisis and the government’s devastatingly misguided austerity programme. Even just a tiny levy would go a long way towards repairing public services for those who need them most – and helping to build a more sustainable economy for all.”