The so-called "Robin Hood Tax" is a tax on people saving for retirement, not on rich bankers

September 28, 2015 9:57 AM

Reacting to the Shadow Chancellor's announcement this morning that Labour would consider backing the so called "Robin Hood Tax", Jonathan Isaby, Chief Executive of the TaxPayers' Alliance, said:

"It’s unbelievable that the shadow chancellor is clinging to this damaging and discredited idea. Contrary to what high-tax campaigners claim, this isn’t a tax on hedge funds or rich bankers in the City, it’s a tax on the savings people have put aside to pay for their retirement.

"Proponents claim it is “tiny” but it would see tens of billions of pounds transferred from savers to politicians. Countries that have tried this tax before quickly scrapped it because of the damage it did, and politicians would be well advised to learn the lessons of history."

For further analysis on the proposed policy, please see:
The "Robin Hood Tax" explained
Effects of the discredited "Robin Hood Tax"

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