The Robin Hood Tax Campaign is today launching Saving Challenge, a new initiative, aimed at reframing the public debate on the UK deficit by providing a viable alternative to the level of the proposed cuts. RESULTS UK is one of 111 organisations currently supporting the Robin Hood Tax.
Saving Challenge mimics the HM Treasury’s crowd-sourced initiative, Spending Challenge, which seeks suggestions from UK citizens on which cuts should be made to reduce the deficit.
Instead, the initiative from the Robin Hood Tax Campaign asks the public to supply its views, via a website, on a tax on the financial sector, and to identify how the money that such a tax would raise should be used.
You can add your own ideas on how the £20 billion that could be generated by a tax on the banks could be put to better use to help fight poverty and climate change.
Max Lawson, spokesperson for the Robin Hood Tax Campaign, said: “Massive cuts in public spending have been presented by the Government as necessary for the UK to balance its books, but we believe that there is a better alternative.
“A Robin Hood Tax on the financial sector could raise at least £20bn a year in the UK and part of the revenue raised could go towards helping reducing the deficit, making the worst cuts unnecessary.
“This alternative, which is already backed by more than 205,000 people on facebook, would be fairer. It would target a sector that has played a key role in creating the mess which we are in, and has the resources to pay as the big profits and bonuses announced recently show.
“The Government cannot claim that we are all in this together unless it makes the financial sector pay a proper part in filling the hole in the nation’s budget.”
The Robin Hood Tax initiative seeks to broaden a debate that, with its strong focus on cutting public spending as the best solution to reducing the deficit, has preempted discussions of other solutions to deal with the crisis of the UK public finances.
In September, the campaigners will take the views expressed on the website to Westminster to show the Government and MPs that a viable alternative to the level of the proposed cuts exists.