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Could Richard Curtis have another hit with the Robin Hood tax?

Bill Nighy stars in short film to launch campaign for a tax on financial transactions.

 

Richard Curtis and Bill Nighy have made a new film, but it isn't a romance and it doesn't feature Hugh Grant.

The short film (above) takes as its topic a proposed banking tax -- previously known as the financial transaction tax, or the Tobin tax (after the economist who named it), but rebranded here as the altogether more snappy "Robin Hood tax".

Bill Nighy, a brilliantly shifty and unpleasant executive, cashes in on the public's suspicion of bankers as he tries to wave away the "very complex" proposal.

The film argues that a tax of just 0.05 per cent on global transactions between financial institutions (equating to five pence for every £1,000) would raise hundreds of billions of pounds to alleviate poverty and fund public services.

The campaign -- supported by a coalition of domestic and international charities and unions -- was launched today, although early on Tuesday morning, the phrase "Be part of the world's greatest bank job" was projected on to the Bank of England. Such innovative, guerrilla marketing tactics may well be an effective way of mobilising public support. At the very least, it informs people about an arcane tax law in an exciting and entertaining way.

There are arguments to be made for and against the tax (the Guardian summarises a few of these perspectives), but with Curtis onside, making use of YouTube, Facebook and celebrity endorsements, it will be interesting to see what impact, if any, the film has on public discourse, and even policy -- let's not forget that Gordon Brown endorsed the idea not so long ago.

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3 comments

lily's picture

tobin tax wont work - who would collect the money? and once this body was established, isn't it likely that the beurocracy of running it, collecting the costs etcetera will cost more than it raises?

having celebrities on side won't make it any more realistic.

Syzygy's picture

"Collecting the costs, will be more expensive than 240 billion dollars" ! What is this argument... crass?

I want journalists to keep pushing in very simple terms (like this film) the total amount that global markets are 'transacting' such that 0.005% is 240 billion... and how little tax is paid world wide, and how much of it is 'virtual' (money made out of money, and effectively just betting)
Let's have exposes of what is still going on, and how ordinary people, particularly in developing countries, are having to pay for it. Listen to the Greek strikers.

Stefano's picture

I assume the New Statesman is going to dedicate an issue to the idea of an international tax on banking? With experts for and against, etc, other ways of taxation, perhaps sponsored by the banks? I think the idea deserves serious debate and the New Statesman is perfectly placed to thrash out the debate...

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