New poll shows banks aren’t paying their fair share

According to a survey, more than three-quarters of the UK public do not think the Government has done enough to ensure we are “all in this together” with a large majority saying that banks and the richest have not been asked to make a fair contribution, according.

The poll of more than 1,000 people carried out by Ipsos MORI for the Robin Hood Tax campaign, found that two-thirds (68 per cent) of the public thought City funding of the Conservative Party had a significant impact on the Government’s regulation and taxation of the financial sector.

It found that 71 per cent thought banks and the financial sector are “not being asked to pay their fair share”. The corresponding figure for high income earners was 67 per cent.

David Hillman, Robin Hood Tax campaign spokesperson, said: “This is the clearest evidence yet that the public is tired of the Government’s failure to make banks pay their fair share to society. People are tired of seeing their schools and hospitals cut while a sector that relied on taxpayers’ money to survive gives lottery-sized bonuses to bankers whatever their performance.

“It is time the Government acted in the interests of the whole country not just one square mile. The City may give the Conservatives half their funds but it accounts for just 10 per cent of the UK economy.”

The poll shows the public have clearly identified the City and high earners above other groups as not paying their fair share. Only 3 per cent cited low and middle income earners. Public sector workers and business were cited by only 7 per cent and 15 per cent respectively.

Of the two-thirds of people who said the fact the Conservatives receive more than 50 per cent of funding from individuals and companies involved in the financial sector would lead to bias, 27 per cent said it would make a great deal of difference and 41 per cent a fair amount. Only 3 per cent said City funding of the Conservatives would have no affect on the Government’s decisions.

The Robin Hood Tax campaign is calling on the Government to back international moves in Europe and beyond for a financial transaction tax (FTT). Extending the UK’s current tax on share transactions to bonds, currencies and derivatives could raise an additional £20bn to tackle poverty at home and abroad and fight climate change.

The campaign has won the support of Bill Gates, the Archbishop of Canterbury, the Vatican, the first ministers of Scotland and Wales and more than a thousand economists. At the G20 summit in November, France, Germany, Spain, Italy, South Africa, Brazil and Argentina backed an FTT and a proposal for an EU-wide FTT is currently being championed by the European Commission.

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