Plaid call for Robin Hood tax to replace VAT hike

Plaid Cymru MPs in amendments to the Finance Bill have called for the introduction of a Robin Hood tax on bankers and stop the Tory Lib Dem attack on the poorest by ending the hike on VAT.

Plaid Cymru treasury spokesperson, Jonathan Edwards MP, said:

“In the Budget a few weeks ago, this ConDem Government slapped a £13billion VAT tax rise on ordinary people, while introducing a £2billion charge for the bankers who played a major role in the current crisis.

“We believe that this is the wrong way round and that it is the bankers who should be footing the bill.

“VAT is a regressive tax which hurts the poorest in society most as it swallows up more of their income.

“A Robin Hood tax is not just progressive but ethical too, with some of the money going towards fighting climate change and world poverty.

“I am proud that Plaid is standing up for our principles of justice and equality in supporting this tax, which we have supported in our manifestos since 2001.

“A conservative estimate of this tax by the Tax Justice Network is that it would raise £10billion from traders on international money markets.

“We must give people hope for the future and work to improve the quality of people’s lives, in Wales, the UK and across the world.

“A tax on everyday living will not achieve that – but a Robin Hood tax might, and I call for international agreement to introduce a similar tax everywhere, end tax havens and make tax fair for everybody.

“In my maiden speech to Parliament, I referred to Twm Sion Cati, the Welsh Robin Hood who stole from the rich and gave to the poor and I am proud to call for such a measure within a few weeks of entering Parliament.”

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