A-list celebrities wade into financial transactions tax row with this weird video

A tax proposed by the EU could wipe 0.2% off the country’s GDP, even if the UK does not take part in it.

The financial transaction tax (FTT), dubbed the Robin Hood tax, is a levy on city trading which will help raise funds to be spent elsewhere in EU nations’ economies. According to the EU leaders proposing it, it could raise €35bn a year for the 11 countries signed up.

A study by London Economoics found that if the FTT comes into force, rich Britons would lose £3.6bn in savings. This equal to 0.6% of debt and equity holdings.

However, anti-poverty campaigners argued the report was based on the false premise that most bank trading was in the interests of savers.

The FTT was approved last year but EU finance ministers have yet to work out the exact details.

A campaign for Britain to join the tax has gathered pace, with Harry Potter director David Yates directing a video for the Robin Hood Tax campaign. It stars Bill Nighy, Andrew Lincoln and Clémence Poésy.

Set in a news studio 10 years in the future, it’s a bit stilted and has the feel of an A-Level drama performance - but we get the point.

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Readers' comments (2)

  • Anonymous

    Total drivel!

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  • This is all very exciting, by adding a transaction tax means Europe will have information of every transaction taking place thus Europe can also act as a policeman. Out of all the transactions taking place a percentage of the transactions can be described as naughty, the bailouts of banks in the past lays evidence to this. What I see here in the UK is, 25 odd percent of our GDP coming from transaction tax in the City of London, were the UK government to police the banks correct then we would see a drop in GDP. I am all for the European Transaction Tax. I feel it will be a fairer system and best for all.

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