UK opt-out from Robin Hood Tax could cost taxpayers £21 billion
- Published on Tuesday, 07 February 2012 15:47
- Posted by Scott Buckler
Responding to a report published today (Tuesday) by Ernst and Young, which says that the City would still pay more than half the revenue of an EU-wide financial transactions tax (FTT) or Robin Hood Tax, even if the UK opts out, TUC General Secretary Brendan Barber said
'Today's report wrecks the government's claim that blocking a Robin Hood Tax, despite the idea's popularity with voters, is in Britain's interests.
'The government's opt-out means that UK taxpayers will see nothing of the estimated £21bn of new taxes paid by the City, which will instead go straight to EU governments.
'Signing the UK up would boost the Robin Hood Tax and raise around £35bn a year to combat poverty, invest in green jobs and help pay off the deficit.
'Instead the Prime Minister is giving away £21bn of UK-generated tax revenues to Europe, just to help the City avoid paying their fair share of tax.'