The Robin Hood Tax: Turning a crisis for the banks into an opportunity for the world

9th Mar 2010; 10:00

RSA Keynote

The unprecedented bailout of the UK banking sector has created a budget deficit that threatens government commitments to end child poverty, fuel poverty, safeguard jobs and front line services. At the same time, the financial crisis has caused a widespread economic downturn, with growing unemployment and increasing demands on public spending.

The poorest countries have also been hit hard, massively increasing their budget deficits when they need extra support both to ensure they meet the UN’s Millennium Development Goals and to meet the costs of the immediate and future impacts of climate change.

As world leaders look for ways to ensure the financial sector contributes to the cost of bank bailouts and the recovery of the global economy, the team behind Make Poverty History has launched the ‘Robin Hood Tax’ campaign for a Financial Transaction Tax – which could raise billions every year.

Is the Robin Hood Tax a timely solution that can significantly address the major financing challenges we face? Would such a tax help to renew the social contract between banks and society?

Speaker: Professor Jeffrey Sachs, international economist and author of ‘The End of Poverty'.

Discussion panel to include: Major Ivor Telfer, Assistant Secretary for Programme, Salvation Army; Dr. Claire Melamed, Head of Policy Coordination, ActionAid UK

Chair: Alan Beattie, World Trade Editor, FT

Richard Curtis, screenwriter and film director and Bill Nighy, actor, will present their film which launches a campaign for a tax on financial transactions.

Suggested hashtag for Twitter users: #RHT