Robin Hood Budget? – small steps, but right direction

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Good to see the Chancellor moving to tax the finance sector to “balance risks and rewards” and that thinking continues on ways to complement the bank levy. We hope that this study includes other taxes, such as financial transaction taxes, in line with the EU Council conclusions last week. The study should look at risk effects but also effects on the financial sectors’ impacts on the wider economy and society. How much money the basket of levies and taxes raises also matters as it must be sufficient to finance tackling poverty and climate change. The World Bank calculates that 64 million more people could be in extreme poverty by the end of 2010 as a result of the bank’s crisis. We welcome the government putting these issues on the agenda for the G20 this weekend!

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