Celebrities back 'Robin Hood' tax
Small businesses would prefer a tax on financial transactions to any other tax hike to tackle the budget deficit, according to a poll by Ipsos MORI.
Getting involved: Sienna Miller
The survey was commissioned by the Robin Hood Tax campaign, a coalition of groups including Oxfam and the Trades Union Congress.
The lobby group has signed up celebrities such as Sienna Miller (pictured), actor Bill Nighy and Shameless star David Threlfall to call upon political parties to levy a tax on share, currency and derivative transactions.
The aim is to 'repair the damage done by the economic crisis and fund global good causes'.
The poll of 301 firms with turnover of between £50,000 and £100,000, asked whether they would prefer a transactions tax, rise in income tax or national insurance, hike in VAT, or increase in corporation tax.
More than one in five have opted for a transactions tax.
Robin Hood tax: a 30-second guide
Sounds familiar?
Robbing the rich and giving to the poor has been a popular concept since medieval times.
In Sherwood Forest, so the tale goes, Robin Hood and his Merry Men dressed in green and loitered in the woods looking for rich men with bags of gold coins.
Nowadays?
Bows and arrows are less popular as a method of persuasion. Aside from muggings and burglaries, most 'robbing' of the rich is done by the taxman. A huge budget deficit has increased the pressure on the government to bring in added taxes, and wealthier citizens are being forced to pay up. This April the top rate of income tax rate on those earning more than £150,000 a year will be increased to 50%. Rich City bankers, or their employers, will also be hit by the one-off windfall tax of 50% on all bonuses above £25,000.
More to come?
Perhaps. Charities and aid agencies including Oxfam and Action Aid (see the video below) are calling for a Robin Hood Tax on banks' financial transactions, working in much the same way as the 0.5% stamp-duty tax on shares. They believe it could raise £250bn every year globally.
They want half of the tax to go to governments and the remainder to worthy projects, such as addressing child poverty or protecting hospitals.
• How bankers can avoid paying income tax
Most watched Money videos
- German car giant BMW has released the X2 and it has gone electric!
- The new Volkswagen Passat - a long range PHEV that's only available as an estate
- Mini unveil an electrified version of their popular Countryman
- MG unveils new MG3 - Britain's cheapest full-hybrid car
- Mail Online takes a tour of Gatwick's modern EV charging station
- 'Now even better': Nissan Qashqai gets a facelift for 2024 version
- Iconic Dodge Charger goes electric as company unveils its Daytona
- Paul McCartney's psychedelic Wings 1972 double-decker tour bus
- Skoda reveals Skoda Epiq as part of an all-electric car portfolio
- Steve McQueen featured driving famous stunt car in 'The Hunter'
- BMW's Vision Neue Klasse X unveils its sports activity vehicle future
- MailOnline asks Lexie Limitless 5 quick fire EV road trip questions
- Retail sales ground to a halt last month as shoppers...
- Unilever waters down targets on plastic packaging,...
- Volvo's screen folly: New EX30 compact crossover lacks a...
- INVESTING EXPLAINED: What you need to know about cocoa...
- BUSINESS LIVE: Retail sales stagnate; 888 revenues beat...
- Why is bitcoin halving this weekend? How the event could...
- 888 shares rise as William Hill owner posts...
- MARKET REPORT: Bruising week for FTSE amid Middle East fears
- As record 2.8m sign off as long-term sick, work-shy UK...
- L'Oreal posts better than expected sales as demand for...
- Creators of key interest rate benchmark criticise courts...
- SHARE OF THE WEEK: Wall Street investors looking for...
- With cosmetics shares priced low, is now the time to...
- US and Europe are at odds and threat of a disastrous end...
- Mondi pulls out of potential bidding war to buy rival...
- Wall Street pins hopes on a set of upbeat results from...
- MARKET REPORT: Airlines soar as Easyjet eyes a record summer
- G7 fights for Ukraine cash as Russia's economy booms -...