After years of hard campaigning the Robin Hood Tax has its best chance of implementation. At the start of November, G20 leaders will meet in Cannes, France and could agree to introduce a Robin Hood Tax.
Germany and France stand in support but the Conservative-led government and their friends in the city are trying to wreck it.
They are even threatening to stop a compromise that would allow countries in favour to push ahead while the UK stays outside the system. The Conservative-led government continue on this tack even though the arguments against the FTT are crumbling.
Bill Gates now supports a financial transactions tax and has pointed out the UK’s stamp duty on share transactions as a clear example that FTTs do not need to be global to work.
Now is the time that pressure could make a difference. A financial transactions tax, with the revenues shared between protection for public services and tackling poverty at home and funds for climate and international development programmes abroad.
But this Conservative Government’s cosy relationship with the city – for which he is already cutting corporation tax – is blocking this progressive move. We can’t let that happen.