That this Council:
(a) deplores the cuts being imposed on Sheffield City Council by central government against a background of cuts to public services, job 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 clauses such as bonds and derivatives could raise £20bn of additional annual revenue in the UK;
(c) believes that this could be used to offset cuts to public services and local authorities, including in Sheffield;
(d) also believes that whilst extending the FTT would have a negligible effect on jobs in the city of London, investing the additional revenue elsewhere would see a significant increase in employment levels in other sectors and in other parts of the country;
(e) notes that at least 11 European nations including France, Germany, Italy and Spain favour an extended FTT;
(f) notes that nearly 50 councils have joined the campaign for an extended FTT;
(g) therefore calls on the Government to work towards the implementation of an extended FTT by international agreement to ensure that all major financial centres are subject to the tax and that additional revenues are available for domestic public services and international development; and
(h) directs that a copy of this motion be sent to the Prime Minister and Chancellor of the Exchequer.
Minutes:
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Financial Transaction Tax Extension |
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RESOLVED: On the Motion of Councillor Jillian Creasy, seconded by Councillor Robert Murphy, that this Council:- |
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(a) deplores the cuts being imposed on Sheffield City Council by central government against a background of cuts to public services, job 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 clauses such as bonds and derivatives could raise £20bn of additional annual revenue in the UK; (c) believes that this could be used to offset cuts to public services and local authorities, including in Sheffield; (d) also believes that whilst extending the FTT would have a negligible effect on jobs in the city of London, investing the additional revenue elsewhere would see a significant increase in employment levels in other sectors and in other parts of the country; (e) notes that at least 11 European nations including France, Germany, Italy and Spain favour an extended FTT; (f) notes that nearly 50 councils have joined the campaign for an extended FTT; (g) therefore calls on the Government to work towards the implementation of an extended FTT by international agreement to ensure that all major financial centres are subject to the tax and that additional revenues are available for domestic public services and international development; and (h) directs that a copy of this motion be sent to the Prime Minister and Chancellor of the Exchequer. |