Corby councillors back Robin Hood Tax

Corby councillor Rob McKellar

Corby councillor Rob McKellar

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Corby councillors are to lobby the Government to extend the Financial Transactions Tax (FTT), the so-called Robin Hood Tax.

A motion to the full council meeting on Thursday (July 4) called on the Government to extend the current FTT on shares to other assets such as bonds and derivatives.

It is claimed the move would raise £20bn of additional revenue in the UK a year.

The motion was supported by Labour and Liberal Democrat councillors but Conservatives on the council voted against it.

The council is to write to Prime Minister David Cameron and the Chancellor George Osborne stating Corby Council’s support for extending the FTT.

The motion stated that at a time when unemployment in the town is running at 4.3 per cent, revenues from extending the tax could repair the damage caused by cuts in public services since 2010 and, if invested wisely, could result in a significant increase in employment levels.

It said: “Local government deserves to receive a significant proportion of FTT revenues, making an important contribution to both capital and revenue expenditure such as reversing cuts to council tax benefits.”

Conservative councillor Rob McKellar said: “This is not about Corby, it is about left-wing ideology. It is a bad idea and it is economically reckless.

“Financial experts agree the most severe impact of this tax would be on the lowest paid and on pensioners.

“It has been reported that the Robin Hood Tax would lead to a 3.4 per cent fall in GDP and put a million jobs at risk.”

Labour councillor Paul Beattie said: “There is overwhelming public support for this and I don’t believe the scaremongering in the city.”

The council is to write to Corby and East Northants MP Andy Sawford stating its position on the FTT.