Let's back the Robin Hood tax, says city councillor

Worcester News: Worcester Guildhall: crunch vote tonight Worcester Guildhall: crunch vote tonight

A COUNCIL in Worcestershire is being called upon to back the so-called 'Robin Hood tax' - as a way of solving their financial problems.

Worcester City Council is taking a vote tonight on backing a new tax on the banks to generate billions of extra funding for the Government.

A 'financial transaction tax' would hit banks, hedge funds and the rest of the money sector with a new levy.

Councillor Neil Laurenson, from Worcester Green Party, says some of that cash could then be used to offer better funding to the city council.

Local authorities are being hammered by unpredecented reductions in central Government funding.

In Worcester alone the yearly grant is being slashed 16 per cent and cuts of around £4.1 million are being factored in by 2019.

Cllr Laurenson has produced a motion for tonight's full council meeting asking for councillors to back it.

It calls upon managing director Duncan Sharkey to write to the Government requesting new legislation be introduced for the tax.

It also says the Government should use some of the extra funds to "reverse the on-going shrinkage" in council funding.

It would need the backing of a majority of politicians before the letter can be sent.

Cllr Laurenson said: "The Robin Hood tax is a campaign which has been going on since 2010.

"Other councils have backed it, like Edinburgh so what I'm suggesting is far from radical.

"Obviously this needs to be done nationwide, the more councils which do this the better.

"But if we can support it then all the better."

The motion asks councillors to note "the suffering forced upon local residents" due to shrinking public spending, saying "there is an alternative" solution.

Critics of the Robin Hood tax say it will damage London's reputation as a financial powerhouse, in the City, and result in more large corporations relocating elsewhere.

The full council meeting gets underway from 7pm at the Guildhall.

Comments (11)

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11:35am Tue 25 Feb 14

danieled says...

Another daft idea from the Greens.
Another daft idea from the Greens. danieled
  • Score: 6

12:52pm Tue 25 Feb 14

thesquirrel says...

danieled wrote:
Another daft idea from the Greens.
Agreed. Times are changing and the public sector needs to live within its means - not milk the private sector for everything it has got.

This article mentions "the suffering forced upon local residents"... who is suffering exactly? I can't say I've felt the effects of any cuts. If people really are suffering then the council would be sure of a "Yes" vote in a referendum to council raise tax by more than 2%. So why don't they hold one?
[quote][p][bold]danieled[/bold] wrote: Another daft idea from the Greens.[/p][/quote]Agreed. Times are changing and the public sector needs to live within its means - not milk the private sector for everything it has got. This article mentions "the suffering forced upon local residents"... who is suffering exactly? I can't say I've felt the effects of any cuts. If people really are suffering then the council would be sure of a "Yes" vote in a referendum to council raise tax by more than 2%. So why don't they hold one? thesquirrel
  • Score: 6

2:01pm Tue 25 Feb 14

mauro balbino says...

danieled wrote:
Another daft idea from the Greens.
One thing it is not. That's another name for the Tobin Tax.
For further clarifying on The Robin Hood Tax movement, I would suggest a "searching with Google" session.
[quote][p][bold]danieled[/bold] wrote: Another daft idea from the Greens.[/p][/quote]One thing it is not. That's another name for the Tobin Tax. For further clarifying on The Robin Hood Tax movement, I would suggest a "searching with Google" session. mauro balbino
  • Score: 1

6:37pm Tue 25 Feb 14

DarrenM says...

ok then - "another daft idea backed by the greens" bit like the 20mph idea.

Great lets create a Tobin tax and drive the financial sector out of the country.

We can fill the subsequent GDP loss by our massive manufacturing sector.
ok then - "another daft idea backed by the greens" bit like the 20mph idea. Great lets create a Tobin tax and drive the financial sector out of the country. We can fill the subsequent GDP loss by our massive manufacturing sector. DarrenM
  • Score: 2

7:48pm Tue 25 Feb 14

mauro balbino says...

DarrenM wrote:
ok then - "another daft idea backed by the greens" bit like the 20mph idea.

Great lets create a Tobin tax and drive the financial sector out of the country.

We can fill the subsequent GDP loss by our massive manufacturing sector.
I didn't say I was for it.
It was a correction followed by tips.
The idea is to make it easier to achieve depth in the subject if desired.
I had opportunity to discuss the Tobin Tax already.
Here, at WN, I didn't give my opinion.
And I didn't ask yours, but since you already gave it, let me only state that it is not trough sarcasm that we find an answer and, only reminding you who seem to have some knowledge about the issue, any possible solution must be found in an international context and applied within a concerted effort.
[quote][p][bold]DarrenM[/bold] wrote: ok then - "another daft idea backed by the greens" bit like the 20mph idea. Great lets create a Tobin tax and drive the financial sector out of the country. We can fill the subsequent GDP loss by our massive manufacturing sector.[/p][/quote]I didn't say I was for it. It was a correction followed by tips. The idea is to make it easier to achieve depth in the subject if desired. I had opportunity to discuss the Tobin Tax already. Here, at WN, I didn't give my opinion. And I didn't ask yours, but since you already gave it, let me only state that it is not trough sarcasm that we find an answer and, only reminding you who seem to have some knowledge about the issue, any possible solution must be found in an international context and applied within a concerted effort. mauro balbino
  • Score: 2

9:10pm Tue 25 Feb 14

danieled says...

mauro balbino wrote:
danieled wrote:
Another daft idea from the Greens.
One thing it is not. That's another name for the Tobin Tax.
For further clarifying on The Robin Hood Tax movement, I would suggest a "searching with Google" session.
Yes, the EU has been trying to foist the Tobin Tax on us for yeras, to raise funds for saving the Euro.

The Green councillor has just jumped on the bandwagon.
[quote][p][bold]mauro balbino[/bold] wrote: [quote][p][bold]danieled[/bold] wrote: Another daft idea from the Greens.[/p][/quote]One thing it is not. That's another name for the Tobin Tax. For further clarifying on The Robin Hood Tax movement, I would suggest a "searching with Google" session.[/p][/quote]Yes, the EU has been trying to foist the Tobin Tax on us for yeras, to raise funds for saving the Euro. The Green councillor has just jumped on the bandwagon. danieled
  • Score: 2

12:19am Wed 26 Feb 14

Jabbadad says...

Someone will have to buy Cameron and Osbourne a copy of the legend of Robin Hood since he ROBBED THE RICH TO GIVE TO THE POOR whereas the Tories are ROBBING THE POOR TO GIVE TO THE RICH..
Someone will have to buy Cameron and Osbourne a copy of the legend of Robin Hood since he ROBBED THE RICH TO GIVE TO THE POOR whereas the Tories are ROBBING THE POOR TO GIVE TO THE RICH.. Jabbadad
  • Score: -1

9:21am Wed 26 Feb 14

St Jon says...

I hate to dispel the excitement about an apparent free cash dispenser, but this idea makes the legend of Robin Hood seem like a historically accurate & economically rigorous sociology text book.

"Banks, hedge funds and the rest of the money sector" are overwhelmingly owned by our pensions funds. So it's not going to hit robber barons, 'The Rich', or someone called Mr Barclay, but is in fact a raid on our own pensions.

So forget dreamy notions about men in green tights helping old grannies, this is voting to take money off the old (and prospective) grannies to subsidise the public sector so it can continue living beyond its means. All a bit unappealing, unless of course you're in the public sector, where you'd be understandably excited at the prospect of the rest of the population continuing to sing 'everything we do, we do it for you'.
I hate to dispel the excitement about an apparent free cash dispenser, but this idea makes the legend of Robin Hood seem like a historically accurate & economically rigorous sociology text book. "Banks, hedge funds and the rest of the money sector" are overwhelmingly owned by our pensions funds. So it's not going to hit robber barons, 'The Rich', or someone called Mr Barclay, but is in fact a raid on our own pensions. So forget dreamy notions about men in green tights helping old grannies, this is voting to take money off the old (and prospective) grannies to subsidise the public sector so it can continue living beyond its means. All a bit unappealing, unless of course you're in the public sector, where you'd be understandably excited at the prospect of the rest of the population continuing to sing 'everything we do, we do it for you'. St Jon
  • Score: -1

10:44am Wed 26 Feb 14

danieled says...

St Jon wrote:
I hate to dispel the excitement about an apparent free cash dispenser, but this idea makes the legend of Robin Hood seem like a historically accurate & economically rigorous sociology text book.

"Banks, hedge funds and the rest of the money sector" are overwhelmingly owned by our pensions funds. So it's not going to hit robber barons, 'The Rich', or someone called Mr Barclay, but is in fact a raid on our own pensions.

So forget dreamy notions about men in green tights helping old grannies, this is voting to take money off the old (and prospective) grannies to subsidise the public sector so it can continue living beyond its means. All a bit unappealing, unless of course you're in the public sector, where you'd be understandably excited at the prospect of the rest of the population continuing to sing 'everything we do, we do it for you'.
Well said, especially as the Tobin Tax is well-favoured among some EU countries.
[quote][p][bold]St Jon[/bold] wrote: I hate to dispel the excitement about an apparent free cash dispenser, but this idea makes the legend of Robin Hood seem like a historically accurate & economically rigorous sociology text book. "Banks, hedge funds and the rest of the money sector" are overwhelmingly owned by our pensions funds. So it's not going to hit robber barons, 'The Rich', or someone called Mr Barclay, but is in fact a raid on our own pensions. So forget dreamy notions about men in green tights helping old grannies, this is voting to take money off the old (and prospective) grannies to subsidise the public sector so it can continue living beyond its means. All a bit unappealing, unless of course you're in the public sector, where you'd be understandably excited at the prospect of the rest of the population continuing to sing 'everything we do, we do it for you'.[/p][/quote]Well said, especially as the Tobin Tax is well-favoured among some EU countries. danieled
  • Score: -2

8:00pm Thu 27 Feb 14

Stuart 1 says...

Jabbadad wrote:
Someone will have to buy Cameron and Osbourne a copy of the legend of Robin Hood since he ROBBED THE RICH TO GIVE TO THE POOR whereas the Tories are ROBBING THE POOR TO GIVE TO THE RICH..
you know better than that, a very poor comment from some one who should know better. You forget this country was and still is in a heck of a mess due to the incompetence of the last government! - next you will be wanting President Hollande's tax policy's here as well!!

As for Cllr Laurenson - a classic example of an idiotic comment!
[quote][p][bold]Jabbadad[/bold] wrote: Someone will have to buy Cameron and Osbourne a copy of the legend of Robin Hood since he ROBBED THE RICH TO GIVE TO THE POOR whereas the Tories are ROBBING THE POOR TO GIVE TO THE RICH..[/p][/quote]you know better than that, a very poor comment from some one who should know better. You forget this country was and still is in a heck of a mess due to the incompetence of the last government! - next you will be wanting President Hollande's tax policy's here as well!! As for Cllr Laurenson - a classic example of an idiotic comment! Stuart 1
  • Score: -1

1:30am Fri 28 Feb 14

Jabbadad says...

stuart1 I agree that the finacial mess was not helped by New labour, but sorry to burst your Tory Bubble because it was Global financial problems which threw us into turmoil and ably fuelled by the Wiz Kids in the financial markets who were playing Stocks & Shares roulette with huge sums of money, and being heavily involved in the very risky American housing Mortgage market. And I have it on pretty good authority that if surveyed NONE of these traders would BE LABOUR MEMBERS / SUPPORTERS but TRUE BLUES.
So please stop pedaling your Party LIne.
stuart1 I agree that the finacial mess was not helped by New labour, but sorry to burst your Tory Bubble because it was Global financial problems which threw us into turmoil and ably fuelled by the Wiz Kids in the financial markets who were playing Stocks & Shares roulette with huge sums of money, and being heavily involved in the very risky American housing Mortgage market. And I have it on pretty good authority that if surveyed NONE of these traders would BE LABOUR MEMBERS / SUPPORTERS but TRUE BLUES. So please stop pedaling your Party LIne. Jabbadad
  • Score: 1

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