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PPI Claim News - 16/2/2010

 
Bank Reclaim: First MP offers backing to Robin Hood bank tax

A Welsh MP has become the first cabinet minister to give his backing to the so-called Robin Hood Tax.

Welsh Secretary Peter Hain has pledged full support to the campaign initiated by UK musician Billy Bragg, according to an internet blog by the politician.

Writing on the Progress website yesterday, Mr Hain said: "Given the need, given the elegant simplicity of the proposed solution, and given the popular feeling that speculation in the finance sector caused the crisis but has done nothing to end it, it is perhaps not surprising how broad the Robin Hood Tax campaign is."

The Robin Hood Tax, which has gained the full support of major charities, celebrities and public organisations, would see a 0.05 per cent bank levy on international transactions of over £1,000.

It is predicted the 50p tax could generate in the region of £350 billion per year which would be distributed among charities and climate change projects as well as pumped back into the economy to help encourage financial stability.

With major organisations including Oxfam, Save the Children, Greenpeace and the RSPB supporting the initiative, Mr Hains added that "Robin Hood might be about to do one final service to global social justice".

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