A tax on banks? A view from a bishop and a writer

The Sunday Times (London, 14th March, 2010) had an interesting piece on what to do about taxing financial institutions in the hope of getting some money for re-distribution to the less well off.  Rowan Williams, the Archbishop of Canterbury, and Richard Curtis, the writer, comment on a proposed “Robin Hood” tax. The tax, which would be levied at 0.05% (that’s 50p/c per £/€1,000) on certain financial transactions  could yield £250 billion (yes billon) per annum. Williams and Curtis, neither of whom are obvious financial or economic experts feel thus amount of money could go a long way towards improving social services (education, health, transport etc.) in a developed country like the UK. The also suggest some money could be given to developing countries. Given it’s an election year in the UK and how the UK taxpayer has, like other European taxpayers, bailed out the banks this sort of thing might become an issue on the doorsteps. Read the full article here