Bankers bonuses of £7billion - that's just their bonuses!!! Taxing the bankers bonuses makes sense economically, environmentally and socially - see a short youtube graphic that illustrates the point here with what else we could spend that money on. Let's not also forget that banks are being subsidised by us - see my blog post and link to an excellent video here.
As I said in an earlier post 'Bankers: morally corrupt?' shows how a few changes could save us from having to make these cuts.
In one piece of good news I was delighted to hear that the European Parliament has just reiterated the call for the introduction of an EU-level financial transaction tax, as part of a report on innovative financing adopted by MEPs.
Keith Taylor, the Green MEP for South East England spoke in parliament this week to highlight the work of the Robin Hood Tax campaign and to urge MEPs to vote for the tax. MEPs voted in favour of introducing a tax on financial transactions.
The Greens have long called for the introduction of a financial transaction tax and welcomed the vote - those interested can also show their support to the campaign by going to the Robin Hood Tax campaign website and joining the 82,000 plus signatures.
Keith Taylor commented: "Greens have long championed the introduction of a financial transaction tax, both as a means of curbing harmful speculation and as a new source for generating public revenue. Public austerity is biting deep yet banks have billions to spend on bonuses and tax avoidance. The Robin Hood tax is both a potentially significant source of revenue and socially just. The tax will also serve as a disincentive for risky speculation, which was partly responsible for the banking collapse in the first place. It is time for the Commission and member states to stop stalling."
Jean Lambert MEP, who will be talking in Gloucester next month, added: “The financial transaction tax represents an excellent opportunity to find funds necessary to support essential projects threatened by the current economic situation, such as those designed to tackle climate change."
Meanwhile our major banks are refusing to tell the Financial Services Authority how many of their staff are paid more than £1m. Hector Sants, chief executive of the City regulator, told the Treasury select committee that "four of the larger banks" were not complying with his request to provide more information about how their top bankers are paid. He did not identify the banks.
See also here the videos I put together re Tax Havens talk we had in Stroud earlier this year.