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Bloom attacks flaws in EU's 'Tobin tax'

Thursday, 11th March 2010

Eurocratic plans to introduce a wide-ranging, one-size-fits-all European tax system moved a step closer yesterday when MEPs voted to introduce a so-called ‘Tobin tax’ on transactions between banks.

The new tax, which will be levied directly by Brussels, will take a proportion of the profit made every time European banks engage in a transaction with each other. MEPs voted 536 to 80 in favour of the proposals, also known as a ‘Robin Hood’ tax.

UKIP MEP Godfrey Bloom, who voted against the new tax along with his UKIP colleagues, said the poorly-structured new financial plan would hit consumers in the pocket and further weaken European economies – making a mockery of the idea of robbing the rich to aid the poor.

"Banks don't pay taxes because companies don't pay taxes. Only people pay taxes," he explained. “ So the real question is which people are going to end up paying the Robin Hood Tax, end up carrying the economic burden? That will be everyone who ever uses the financial system: your pension plan, your mortgage and yes, your holiday money.

"The reason that politicians love this idea is that they can get hundreds of billions of your money without you noticing,” he added.

"We should also recall what our continental cousins probably never knew about Robin Hood. He went around robbing the Sheriff of Nottingham, remember? Taking the taxes unjustly squeezed out of the population and returning them to the poor and oppressed.

"A proper Robin Hood tax would be holding up that damp rag Herman van Rompuy and his mates and returning the £130billion a year they waste to the people.”

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