Sunday, 14 May 2017

General election : 'Robin Hood tax' on City pledged by Labour

Labour says it would raise billions of pounds for public services with a new tax on financial transactions - known as a "Robin Hood" tax.

It has also warned BAE Systems it could lose future contracts under Labour unless its boss took a £7m pay cut.

Firms who pay their bosses more than 20 times the wage of their lowest paid workers would not get government contracts if Labour wins power.

The Conservatives described Labour's plans as "a total shambles".

Shadow chancellor John McDonnell said Labour's plans to increase taxes on City transactions would be a "Robin Hood tax" that would "make the financial sector pay its fair share" after the damage caused by the financial crisis.
He rejected claims it would damage the City, saying the tax was "not about punishing bankers or anything like that" but "tackling a couple of loopholes" in the system.

"We bailed out the City 10 years ago when the crash came, we poured hundreds of billions of pounds into it. Since then £100bn has been given out in bonuses in the City. So we are asking for a small fund our public services."

Labour said it would extend the existing 0.5% stamp duty paid on shares to other financial assets, including investments known as derivatives.

BBC     News.