I saw a newspaper headline recently that said that 10,000 people in the City have been awarded bonuses of £1m or more.
While I am sure they earned and thoroughly deserve their money, it does seem to me that we ought to be putting a little aside to cover the risks (to our financial system) that the way they work brings us.
Suggestions have been made recently to introduce a “Robin Hood Tax”.A small tax, a TINY tax, of one fiftieth of one percent (0.05%) that would raise tens of billions of pounds in the UK and around 250bn worldwide.
Supporters for this idea include former chief economist of the World Bank, Joseph Stiglitz: http://www.thisislondon.co.uk/markets/article-23804049-joseph-stigl…
Adair Turner, chief of the Financial Services Authority:
and an open letter from 350 economists:
Change will not happen without public pressure, so if you would like to support this idea, click here
and tell your friends to do the same.