Shadow chancellor McDonnell to fight for Robin Hood tax

Shadow chancellor John McDonnell is expected to use his first Labour party conference speech to fight for a tax on financial transactions – the so-called Robin Hood tax. 

The shadow chancellor, who is due to speak today, says the new tax could help fund the NHS and other public services, reports the BBC.

McDonnell reportedly told a fringe Labour conference meeting on Sunday that he had reached an argreement with shadow business secretary Angela Eagle over the Robin Hood tax, and that he wanted to debate within the party before making it policy.

“Robin Hood tax at the moment is Labour Party policy on the basis of if we can introduce it globally, and that’s been Labour Party policy for some time now,” he said.

“However, what we are saying is today we are going to launch a review of our taxation system, we are going to bring the greatest economic minds in the world to bear on that issue, we are going to consult with the British people and then we will arrive at a decision on the way forward.”

Jeremy Corbyn has already backed the introduction of a European financial transaction tax, of a 0.1 per cent tax on share and bond trades and a 0.01 per cent levy on EU derivative transactions.