View more on these topics

Shadow chancellor McDonnell to fight for ‘Robin Hood’ tax

Parliament-UK-London-Bus-Transport-700x450.jpg

Shadow chancellor John McDonnell is expected to use his first Labour party conference speech to fight for a tax on financial transactions – the so-called ‘Robin Hood’ tax.

McDonnell, who is due to speak today, says the new tax could help fund the NHS and other public services, reports the BBC.

McDonnell reportedly told a fringe Labour conference meeting on Sunday that he had reached an argreement with shadow business secretary Angela Eagle over the Robin Hood tax, and that he wanted to debate within the party before making it policy.

He said: “Robin Hood tax at the moment is Labour party policy on the basis of if we can introduce it globally, and that’s been Labour party policy for some time now.

“However, what we are saying is today we are going to launch a review of our taxation system, we are going to bring the greatest economic minds in the world to bear on that issue, we are going to consult with the British people and then we will arrive at a decision on the way forward.”

Labour leader Jeremy Corbyn has already backed the introduction of a European financial transaction tax, of a 0.1 per cent tax on share and bond trades and a 0.01 per cent levy on EU derivative transactions.

Recommended

1

Opinion poll

The report (Money Marketing, October 25) that Marlborough Stirling&#39s research has found that 53 per cent of people prefer not to meet their financial adviser in person flies in the face of general perceptions. It also contradicts other (perhaps more disinterested) research studies as well. Typically, you would expect to find that some 70 per […]

7

Rescue mission: Govt urged to intervene to save auto-enrolment

Efforts to prevent a generation of impoverished pensioners are under threat from ill-equipped employers and failing provider business models. Automatic enrolment was launched to boost the private pension savings of workers as defined benefit schemes closed and longevity increased. While large employers have coped well – opt-out rates are at an average of just 10 […]

The Rubik’s Cube: China’s policy trilemma

By Douglas Turnbull, Investment Director, Head of Chinese Equities China faces a ‘Rubik’s Cube’ policy trilemma, whereby it needs to sustain a minimum acceptable level of growth, deal with issues such as overcapacity and reform the financial system to make it a far more efficient allocator of capital. Given the contradictory nature of these objectives, […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment