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.'

 

The views expressed in the contents below are those of our users and do not necessarily reflect the views of GovToday.

Add comment



Refresh