Business World

Thursday 19 April 2018

'Robin Hood tax a threat to London'

Britain’s opposition Labour party leader Jeremy Corbyn. Photo: REUTERS/Toby Melville
Britain’s opposition Labour party leader Jeremy Corbyn. Photo: REUTERS/Toby Melville

William James

A financial transaction tax proposed by Britain's opposition Labour Party would risk the competitiveness of London's financial centre, the City of London Corporation said yesterday, calling for the proposal to be scrapped.

The party, which is holding its annual conference in the southern English town of Brighton, has advocated a so-called 'Robin Hood' tax to levy charges on bond and derivative trades.

It says the tax could raise £4.7bn (€5.3bn) to fund higher public spending.

But the City of London Corporation, the body which administers policy in the central London financial district, criticised the policy.

"A financial transactions tax, however described, would be a unilateral policy which would weaken our hand and undermine our competitiveness," said the corporation's policy chairman, Catherine McGuinness.

On the first main day of his party's conference, Labour leader Jeremy Corbyn, asked about his approach to taxation, said: "I don't think I'm worried about taxing the super rich and the super wealthy.

"The objective surely has to be a stronger economic base for everybody in this country and dealing with the waste of poverty and inequality," he told the BBC. (Reuters)

Irish Independent

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