Milnshaw: Cllr Paul Cox calls on the Government to introduce Financial Transaction Tax

Milnshaw Labour Councillor, Paul Cox  has put forward a motion, at the next Hyndburn full Council meeting scheduled for the 11th of September at 7pm, in support of a Financial Transaction Tax. This Tax, if introduced, could raise as much as £20 billion of additional revenue a year from a tiny tax of about 0.05% on transactions carried out by financial institutions – not ordinary individuals. But on speculative deals made on the stock market.

Proceeds from the tax, also known as a Robin Hood Tax, could help get people back into work, be invested in infrastructure and public services, as well as helping us live up to our international commitments

Cllr Cox said, "The effects of reckless banking practices in the City of London have been felt by every community in the UK and many around the world – it is only right banks now pay their fair share to repair the damage they have caused. If local Councils are being asked to bear 28% cuts that have hit local people hard, it doesn’t seem unreasonable to ask the banks to pay a tax of as little as 0.05%. It would take less than one week of FTT revenue to fund the salaries of 4,000 new police constables, 4,000 newly qualified nurses and 4,000 teachers."

The motion will resolve to write to the Prime Minister, Deputy Prime Minister, Leader of the Opposition, Chancellor and Shadow Chancellor of the Exchequer and Secretary of State for Communities and Local Government stating this Council’s support for implementing a wide-ranging Financial Transaction Tax that could help rebalance Britain away from an over-reliance on the City of London.

Cllr Cox added, "The money generated from this tax should be put back into local services that have been hit the hardest, the ten most deprived boroughs have been hit 16 times harder by this coalitions government cuts. This tax, although only tiny in comparison, would help rebalance this injustice and make those responsible pay their fair share."

The Motion can be viewed here, or if you require any more information contact Cllr Paul Cox.