A new school, 576 bobbies or 105 hybrid buses: Boris’ opposition to Robin Hood tax is costing Islington dearly, says Green candidate Caroline Allen
Boris Johnson’s opposition to a ‘Robin Hood Tax’ is depriving local people in Islington of money that could pay for hundreds of new police officers, revitalise local transport, build new schools or fund thousands of apprenticeships, according to figures released by the Green Party today.
The analysis shows that Islington would receive £31m a year if a Financial Transaction Tax was introduced (1). That sum could:
– Pay for 576 new police officers (2)
– Fund 5,816 apprenticeships (3)
– Launch 105 new Hybrid buses (4)
– Build a new school (5)
– Or reverse all local authority cuts and cut council tax.
Caroline Allen, the Green Party’s candidate for the North East constituency said: “North East London has been hit hard by the cuts, its young people and those on low incomes are being affected the most. Its astonishing to see that this simple measure could allow us to offer thousands of apprenticeships to unemployed young people, an investment in the future.”
The tax – which would raise £10 billion a year nationally with a mere 0.05% tax on financial transactions – is expected to be introduced in other EU-countries (except Sweden) by the end of this year.
French President, Nicolas Sarkozy, announced this week plans to introduce a tax on financial transactions in France. The 0.1% – double the Green parties proposed 0.05% – tax will be introduced in August regardless of whether other EU countries agree to do the same (7).
Boris Johnson has consistently expressed his opposition to the tax, choosing instead to defend the interests of the City. During his time in office he has met with bankers three times as often as police (6). More than half the funding for his last election campaign came from hedge funds (8). Hedge funds, financiers and private equity make up 27% of Conservative Party funding as a whole. (9)
Allen said: “There are many areas across North East London where schools and GPs are stretched, investment is needed and yet we’re told there is no money. There is only no money because the richest aren’t paying their way.”
“With child poverty figures in Islington the 2nd highest in the country, surely no one living here can object to the very richest corporations paying towards better housing, schooling and transport.”
Green Party Mayoral candidate Jenny Jones said: “Inequality in London is growing with the economic crisis being used as a poor excuse.
“The Robin Hood Tax is a simple measure that would help ensure our city’s richest institutions make a more equitable contribution towards the recovery without scratching the surface of their massive profits.
“The Mayor of London has played a very prominent role in trying to prevent a Robin Hood Tax being implemented. However the tide is turning in this debate and I believe Londoners want a Mayor who is aiming to spread the wealth generated by the financial sector, rather than keeping it all in the hands of a tiny minority in the capital.”
Notes to Editors
1. Figures based on conservative estimates produced by the Robin Hood Tax campaign: an average financial transaction tax of 0.05% would raise over £10bn a year, divided equally across the country.
2. Based on average cost of a police officer, including salary and additional cost, of £54,500. Source: Audit Commission report “Sustaining value for money in the police service” www.improvementnetwork.gov.uk/imp/aio/1457259 <http://www.improvementnetwork.gov.uk/imp/aio/1457259>
3. The average cost of an adult apprenticeship is £2,700 a year, and of an apprenticeship for an 16-18 year old is £5,400 a year www.lsnlearning.org.uk/emails/files/Research/110017RP_ApprenticeshipsandHE_final.pdf <http://www.lsnlearning.org.uk/emails/files/Research/110017RP_ApprenticeshipsandHE_final.pdf>
4. The cost of a hybrid bus is £300,000 www.tfl.gov.uk/assets/downloads/corporate/Item07-Hybrid-Buses-STP-30-june-2010.pdf <http://www.tfl.gov.uk/assets/downloads/corporate/Item07-Hybrid-Buses-STP-30-june-2010.pdf>
5. The cost of building a new school is usually between £15m and £30m
6. See: www.tribunemagazine.co.uk/2011/02/11122/ <http://www.tribunemagazine.co.uk/2011/02/11122/>
7. See: www.bbc.co.uk/news/world-europe-16783520 <http://www.bbc.co.uk/news/world-europe-16783520>
8. See: www.guardian.co.uk/politics/2009/oct/11/boris-johnson-hedge-funds-accusations <http://www.guardian.co.uk/politics/2009/oct/11/boris-johnson-hedge-funds-accusations>
9. Hedge funds, financiers and private equity make up 27% of Conservative Party funding www.thebureauinvestigates.com/2011/09/30/hedge-funds-financiers-and-private-equity-tycoons-make-up-27-of-tory-funding/ <http://www.thebureauinvestigates.com/2011/09/30/hedge-funds-financiers-and-private-equity-tycoons-make-up-27-of-tory-funding/>
10. Photos of Green Party candidates, including Jenny Jones, can be found here: http://tinyurl.com/gplondonphotos
11. A list of Green Party London policies can be found here: http://tinyurl.com/greenpolicies2012
12. A full list of Green Party candidates for the London Assembly elections can be found here: http://tinyurl.com/greencandidates
13. A list of achievements by the Green Party in the London Assembly can be found here: http://tinyurl.com/GPLondonachievements
14. The Green Party of England and Wales promotes the policies of ecological sustainability, a fairer more stable economy, a more equal society, a higher standard of democracy and accountability of politicians to the communities they serve, and social justice on the global level as well as in our own country.
15. Caroline Lucas became the UK’s first Green MP in the 2010 General Election.
16. The Green Party is now the largest party on Brighton and Hove Council.
