Ian champions 'Robin Hood' tax to help local communities

9.44.00am BST (GMT +0100) Mon 26th Jul 2010

Redcar MP Ian Swales is determined to show that there is a way of raising money whilst dealing with the deficit by pressing the government to introduce a tax on the country's bankers, which would potentially provide billions of pounds to tackle poverty and climate change in the UK and abroad, according to Ian, who has called for the introduction of a financial transaction tax.

Mr Swales has tabled an Early Day Motion in the House of Commons calling on the government to introduce a 'Robin Hood' tax.

Teesside's share of the money raised could then be directed towards investing in much needed projects in local communities.

Ian wants the money in bankers' pockets to go towards helping local communities

Ian signalled his commitment to tackling poverty in Teesside when he signed the Child Poverty Action Group's pledge to work with the community to help end child poverty.

According to End Child Poverty, 52% of children in Redcar constituency are in low-income families, meaning the money raised from this tax is better helping communities through these difficult times with investment in schools, housing and small businesses, for example, rather than in bankers' pockets. This would provide better opportunities in local communities and a better start in life for local children.

Commenting, Ian said:

"Given that the banks had such a large role in causing the economic crisis, it's only fair that they should help pay to fix it, and that this money is directed to those that need it the most.

"The bank levy announced by the Chancellor in the recent budget was a

welcome first step, but there is still a lot of scope to explore further

bank taxes.

"A 'Robin Hood' tax has the power to raise hundreds of billions every year and could give a vital boost to the NHS, our schools, and the fight against child poverty in the UK - as well as tackling poverty and climate change

around the world, helping the Liberal Democrats to fulfil our four key pledges - fairer taxes, a fair start for children, fair politics and a green, sustainable economy.

Notes to editors:

1. Early Day Motion tabled by Ian Swales MP entitled Robin Hood Tax

That this House supports the Robin Hood tax campaign which calls for the

introduction of a financial transaction tax; notes that by taking an

average of 0.05 per cent. from speculative banking transactions, hundreds

of billions of pounds could be raised every year to tackle poverty and

climate change, at home and abroad; believes that banks, which had a large

role in causing the economic crisis, should do more than just pay back the

bailouts or insure against future crises; further believes that a Robin

Hood tax would be an effective and popular response, with a recent poll

finding that 80 per cent. of respondents supported the introduction of a

Robin Hood tax; commends the work of all those organisations backing this

campaign who have mobilised their supporters to increase the pressure for

such change; believes that this tax is an idea that has come of age; and

urges the Government to do all possible to ensure that the Robin Hood tax

becomes a reality.

2. Statistics obtained from http://www.endchildpoverty.org.uk/why-end-child-poverty/poverty-in-your-area#northEast [accessed 23/7/10]