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Agenda item

Notice of Motion given by Councillor Jillian Creasy

That this Council:-


(a)       deplores the cuts being imposed on Sheffield City Council by central government against a background of cuts to public services, jobs and benefits facing the city as a whole;


(b)       notes that extending the current Financial Transaction Tax (FTT) or “Robin Hood Tax” on shares to other asset classes such as bonds and derivatives could raise £20bn of additional revenue in the UK a year;


(c)        notes also that at least 11 European nations, including France, Germany, Italy and Spain, are moving ahead with FTTs on shares, bonds and derivatives;


(d)       believes that whilst a FTT would have a negligible effect on jobs in the City of London, investing FTT revenues elsewhere would see a significant increase in employment levels in other sectors;


(e)       believes that revenues from the FTT could be used to offset cuts to public services and local authorities, including Sheffield;


(f)        therefore calls on Government to extend the current FTT on shares to other asset classes such as bonds and derivatives;


(g)       notes that so far two dozen councils across the UK have passed similar motions;


(h)       directs that a copy of this Motion be sent to the Prime Minister, Deputy Prime Minister, Leader of the Opposition, Chancellor and Shadow Chancellor of the Exchequer, and Secretary of State for Communities and Local Government; and


(i)         thanks the many local people who have lobbied their councillors about this issue.



Financial Transaction Tax (FTT)




At the request of Councillor Jillian Creasy (the mover of the Motion) and with the consent of the Council, the Notice of Motion Numbered 15 on the Summons for this meeting was withdrawn.