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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?

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