Robin Hood tax could raise £250 billion a year
Otherwise known as the "Tobin tax" there is renewed pressure on governments around the world to introduce what has now become known as "Robin Hood tax" on a wide range of financial transactions. A very small levy on financial transactions around the globe has the potential to raise upwards of £250 billion a year which would be split between governments around the world and various charitable organisations. However, is now the time to increase the tax burden on the financial sector?
Despite the fact that various governments around the world have more than played their part in the ongoing economic turmoil it seems that yet again the financial sector, and ultimately consumers, is set to suffer. The reality is that any tax introduced to the financial sector will ultimately be passed on to consumers via higher charges thereby negating the idea of taxing the financial sector. So would a Robin Hood tax really work?
The truth is that even a small levy on each and every transaction around the world would allow the authorities to create a massive fund to be used in various areas of the worldwide economy. However, consumers and businesses have lost faith and trust in governments around the world and see this proposed tax as yet another levy on the business arena. Taxpayers pay more than enough to their national governments so why should they pay any more?
Share this..
Related stories
Record demand for £4 billion government bond issue
Despite the fact there is great concern over the UK budget deficit, which is now forecast to hit £175 billion, a £4 billion government bond issue was nearly 3 times oversubscribed today. At a time when investors in the UK stock market are concerned about the immediate future of the UK economy and the ever-growing national debt, it seems rather strange that today's bond issue has proven to be so...
Read MoreHow can mortgage lenders attract more business to the sector?
The UK mortgage industry is still in disarray amid signs that UK mortgage lenders are unwilling or unable to increase liquidity while UK homebuyers are unable to meet the criteria which often involves significant deposits. Despite all of the headlines in the UK press and financial websites around the world, many of these "attractive mortgage rates" require customers to put down 40% plus deposits o...
Read MoreIs the reduction in VAT a waste of time and money?
Despite the fact that the UK government claims the reduction in VAT from 17.5% to 15% has injected a further 1% of gross domestic product back into the system, a report by PricewaterhouseCoopers suggests that the move has been both costly and a complete waste of time. A survey of 2000 people showed that 88% were unmoved by the VAT reduction and it never even crossed their minds when considering th...
Read MoreLabour look to break down barriers for self employed
18/11/2014 Labour shadow ministers have met with business leaders to discuss the current problem of self employed people having little access to mortgages and pensions. Figures from the Office of National Statistics show that the rate of self employed people has risen by 13% in the last four years, rising to 4.2 million people in January. Out of these 4.2 million people, only 22% contributed...
Read MoreNow the government wants to charge you to park at work!
In a move which further justify the anger of many motorists around the UK, the local council in Nottingham have taken advantage of government regulations introduced in 2000 which allow a levy to be placed upon workplace parking. In effect employees will be charged to park their cars in their office car parks and factory car parks with the fee expected to start at £250 a year.
While...