Scots Must Push UK Government On Robin Hood Tax

04 November 2011

Alyn Smith, SNP Member of the European Parliament for Scotland has today (Friday) called on Scots to push the UK Government on Robin Hood Tax as David Cameron meets with fellow G20 government leaders in Cannes.

Otherwise known as Financial Transaction Tax (FTT), Robin Hood Tax would generate extra funds to offset the recent cuts in public services. It will not affect individuals' savings and mortgages, but instead tax trading on shares, bonds, foreign exchange and derivatives. Alyn is calling on Scots to add their name to an online petition which has been gathering momentum ahead of the G20 summit.

Alyn said:

"I have added my voice to this campaign because I believe Scotland should send a clear and united message to the UK Government in support of the measure. The financial downturn hit ordinary citizens the hardest, and this tax will alleviate the continuing repercussions.

"This tax could generate £20bn every year which could go a long way in aiding crucial public services as well as tackling global poverty and climate change.

"It is the fairest way to generate the extra funds and I believe it is time for those who caused the crisis to make a greater contribution to help safeguard livelihoods and lives both at home and abroad.

"Right now, the G20 heads of Government are meeting in Cannes to discuss issues surrounding the world economy, and in particular the financial markets. This offers a real opportunity for the Robin Hood Tax proposals to be properly debated and agreed upon. The UK Coalition Government has been increasingly isolated in its opposition of this tax; I urge them to change course."