Wyre Forest councillors would back tax on bankers

Kidderminster Shuttle: Wyre Forest councillors would back tax on bankers Wyre Forest councillors would back tax on bankers

A TAX on Britain's financial sector, which could raise up to £20 billion a year, would be supported by Wyre Forest district councillors if introduced.

Members of the authority voted at a full council meeting last month to say they would back a financial transaction tax if the current or any future Government decided to implement it.

The motion, put forward by Independent Community and Health Concern councillor Cliff Brewer, was passed by 20 votes to 19, despite receiving no support from any of the ruling Conservative members.

The district council has no power to introduce such a tax but the push for it from the authority will be sent to constituency MP Mark Garnier, the Local Government Association and HM Treasury.

Mr Brewer said: "This tax would recognise the banks' responsibility for the financial crisis, which has required significant public expenditure reductions and should be adopted to prevent further cuts to local Government and services for local people."

Opposing the motion, Conservative councillor Nathan Desmond said the tax sounded simple and harmless but had unintended consequences and would harm the City of London.

"Ultimately all we will do is pass our financial trade to Hong Kong, Singapore and New York," he added. "It is all too simple to blame the banking sector in the financial crisis, yes they were one part of it but the motion ignores under Labour the deficit in this country rose exponentially."

Labour councillor Barry McFarland, who spoke in favour of the tax, said: "We are being asked to decide on the spirit of the motion. Do we agree such monies could be obtained from the financial sector and used in a better manner? Yes."

If introduced, the initiative would see a tax of about 0.05 per cent slapped on transactions like stocks, bonds, foreign currency and derivatives.

Comments (11)

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7:39am Mon 9 Dec 13

nipper22 says...

Why is Nathan Desmond worried about London? I thought the people of Wyre Forest voted him in not the people from London, so he should be doing his best for Wyre Forest shouldn't he?
A bit like our MP look after your own interests first and forget us.
Why is Nathan Desmond worried about London? I thought the people of Wyre Forest voted him in not the people from London, so he should be doing his best for Wyre Forest shouldn't he? A bit like our MP look after your own interests first and forget us. nipper22

9:03am Mon 9 Dec 13

Gobby Robby says...

Amazing! Well done Cliff Brewer. This is the most radical thing to come out from Wyre Forest ever!. As for nathan Desmond's poor grasp of economics, Labour's deficit had absolutely 0% to do with the world wide financial crisis it was 100% to do with the finance industry. Very dispiriting to see local Conservative councillors supporting people who brought the country to it's knees haven't suffered for what they did and are largely holding us to ransom. If it was the Unions doing it you can bet Desmond would be sounding off then. This is the evidence that even on a local scale the Conservative party only represent the top 10%.
Amazing! Well done Cliff Brewer. This is the most radical thing to come out from Wyre Forest ever!. As for nathan Desmond's poor grasp of economics, Labour's deficit had absolutely 0% to do with the world wide financial crisis it was 100% to do with the finance industry. Very dispiriting to see local Conservative councillors supporting people who brought the country to it's knees haven't suffered for what they did and are largely holding us to ransom. If it was the Unions doing it you can bet Desmond would be sounding off then. This is the evidence that even on a local scale the Conservative party only represent the top 10%. Gobby Robby

10:26am Mon 9 Dec 13

walkerno5 says...

I'm sure it was an interesting debate and the outcome was the right one.... but symptomatic of the problem of local government being full of national parties, discussing something they have no influence over.
I'm sure it was an interesting debate and the outcome was the right one.... but symptomatic of the problem of local government being full of national parties, discussing something they have no influence over. walkerno5

1:25pm Mon 9 Dec 13

Steph B says...

I'd disagree with that. Health Concern have played a blinder here, this is proper politics working & it effects the local. What this shows is that each and every Conservative councillor has sided with the international banking industry over the people and this is effecting their lives via the cuts, bedroom tax, food banks, etc against not making the bankers pay a small fee for their bailouts which we have had to pay for. I don't know much about practical politics but if I were Health Concern I would run with this, its showed the people whose side their Tory councillors are on.
I'd disagree with that. Health Concern have played a blinder here, this is proper politics working & it effects the local. What this shows is that each and every Conservative councillor has sided with the international banking industry over the people and this is effecting their lives via the cuts, bedroom tax, food banks, etc against not making the bankers pay a small fee for their bailouts which we have had to pay for. I don't know much about practical politics but if I were Health Concern I would run with this, its showed the people whose side their Tory councillors are on. Steph B

8:30pm Mon 9 Dec 13

John Herbert Smith says...

Oh yes, let's tax the wealth creators and drive them out of the UK....

Most bankers in the city are already paying 40 - 50% of their bonuses and salary to the government!
Oh yes, let's tax the wealth creators and drive them out of the UK.... Most bankers in the city are already paying 40 - 50% of their bonuses and salary to the government! John Herbert Smith

12:34am Tue 10 Dec 13

thekiddygirl says...

Well at least he got councillor Desmond to admit that the financial crisis was partly caused by the banking section.
Well at least he got councillor Desmond to admit that the financial crisis was partly caused by the banking section. thekiddygirl

8:58am Tue 10 Dec 13

Gobby Robby says...

"Oh yes, let's tax the wealth creators and drive them out of the UK" - no evidence this happens, when tax went up to 50% the rate of emigration actually went down.

"Most bankers in the city are already paying 40 - 50% of their bonuses and salary to the government!" - their bonus' are way too large and many rewarded for failure so this is a non starter.

Calculating the money they have cost through bailouts and knock on effects to the economy they are wealth destroyers.

The City of London is the world centre for banking fraud & white collar crime so if you're happy about this why don't we just become a world exporter of heroin or arms for terrorists if a tiny bit of morality is so wrong?

Amazed that members of the public actually side with the people holding the country to ransom. Very depressing.
"Oh yes, let's tax the wealth creators and drive them out of the UK" - no evidence this happens, when tax went up to 50% the rate of emigration actually went down. "Most bankers in the city are already paying 40 - 50% of their bonuses and salary to the government!" - their bonus' are way too large and many rewarded for failure so this is a non starter. Calculating the money they have cost through bailouts and knock on effects to the economy they are wealth destroyers. The City of London is the world centre for banking fraud & white collar crime so if you're happy about this why don't we just become a world exporter of heroin or arms for terrorists if a tiny bit of morality is so wrong? Amazed that members of the public actually side with the people holding the country to ransom. Very depressing. Gobby Robby

6:34pm Tue 10 Dec 13

sladen54 says...

It would not be the bankers who pay the tax, but you and I. The clue is in the wording "financial transaction tax", every time that a pension fund trades shares that is a financial transaction and therefore would come out of that fund and ultimately your pension. So if you want less pension vote for it.
It would not be the bankers who pay the tax, but you and I. The clue is in the wording "financial transaction tax", every time that a pension fund trades shares that is a financial transaction and therefore would come out of that fund and ultimately your pension. So if you want less pension vote for it. sladen54

9:05pm Tue 10 Dec 13

Gobby Robby says...

Ah, the bull dog spirit!
Transaction taxes are aimed at high frequency trading, as opposed to traditional pension funds & insurance companies. The average pension fund holds a stock for years whereas the average high frequency trader (who the tax is aimed at) can turn over their portfolio several times in just one day. They would pay the tax 1000 more times than a pension fund. The whole point of the tax is that it is not paid by 'us' through pensions but by hedge fund managers (Mark Garnier, lol) and high frequency traders. Won't effect your pension.
Ah, the bull dog spirit! Transaction taxes are aimed at high frequency trading, as opposed to traditional pension funds & insurance companies. The average pension fund holds a stock for years whereas the average high frequency trader (who the tax is aimed at) can turn over their portfolio several times in just one day. They would pay the tax 1000 more times than a pension fund. The whole point of the tax is that it is not paid by 'us' through pensions but by hedge fund managers (Mark Garnier, lol) and high frequency traders. Won't effect your pension. Gobby Robby

9:58pm Thu 12 Dec 13

John Herbert Smith says...

Bankers are well qualified individuals who will have worked very hard to get the job and to that position. They work extremely long hours doing a very stressful job. If they want to pay themselves bonuses (which get taxed at least 40%) then what gives you the right to say they don't deserve them? Nothing stopped you from becoming one yourself if you had wanted. I bet if you were working the same hours you wouldn't be campaigning for reduced bonuses.

I'm fed up of the image splashed by the media that bankers are fat cats who sit in Canary Wharf all day enjoying the view, laughing as they line their pockets. This fashion for banker bashing needs to stop before it causes permanent damage to our vital Financial Centres. London is the financial capital of the world and helps keep the UK's status high. London handles 37% of global currency transactions; more US dollars are traded in London than New York, and more Euros traded than the rest of Europe combined.

All of this creates the wealth from which benefits can be paid, the NHS, etc.
No bankers, Great Britain would be a poorer place. Full stop.
Bankers are well qualified individuals who will have worked very hard to get the job and to that position. They work extremely long hours doing a very stressful job. If they want to pay themselves bonuses (which get taxed at least 40%) then what gives you the right to say they don't deserve them? Nothing stopped you from becoming one yourself if you had wanted. I bet if you were working the same hours you wouldn't be campaigning for reduced bonuses. I'm fed up of the image splashed by the media that bankers are fat cats who sit in Canary Wharf all day enjoying the view, laughing as they line their pockets. This fashion for banker bashing needs to stop before it causes permanent damage to our vital Financial Centres. London is the financial capital of the world and helps keep the UK's status high. London handles 37% of global currency transactions; more US dollars are traded in London than New York, and more Euros traded than the rest of Europe combined. All of this creates the wealth from which benefits can be paid, the NHS, etc. No bankers, Great Britain would be a poorer place. Full stop. John Herbert Smith

8:56am Fri 13 Dec 13

Gobby Robby says...

I'm sorry John but that's a terrible argument, "Nothing stopped you from becoming one yourself if you had wanted" nothing's stopped me from being a heroin dealer or arms trader either. By the same logic I can't criticise an MP who overclaims his expenses because "nothing stopped me from becoming one myself if I had wanted".

"Bankers are well qualified individuals who will have worked very hard to get the job and to that position" - so are most of the professions but sadly don't get the benefit of "awarding themselves bonus''"

" They work extremely long hours doing a very stressful job" - so do soldiers, nurses, not to mention a myriad of blue collar jobs that no one wants to do. None of these get to award themselves a bonus and none of these had any part in causing the world wide recession through their reckless behaviour, but they're are all paying the price unlike the bankers who get rewarded with tax cuts.

You are fed up with banker bashing, there hasn't been any banker bashing that's the problem. Despite not a week going by without yet another fraud or criminal activity being exposed from the finance sector only one banker has been jailed, and i'm not even sure about that. If I were to steal a bottle of water I could be jailed, as a banker I can commit fraud worth millions of pounds destroy the economy and not only not even get a slap on the wrist I get to keep my job and get a tax cut in return. It's called the new feudalism.

Nobody's suggesting destroying the banking system that is a scare story put about by the charlatans and fraudsters of the City. All people want is for the finance industry to obey the law and pay a small share of what they owe, like they (almost) do in our nearest competitors France & Germany.

The longer we leave our economy unbalanced the more damage will be done to our society, and rebalancing means reducing our reliance on the corrupt financial services industry otherwise we will just have to keep on permanently bailing them out; social inequality will reach such proportions that we will just become like Mexico and that means life, even for the rich, will be immeasurably worsened. Even George Osborne said he was going to do it, sadly that remains yet another of the targets he set himself that he has failed to deliver on.
I'm sorry John but that's a terrible argument, "Nothing stopped you from becoming one yourself if you had wanted" nothing's stopped me from being a heroin dealer or arms trader either. By the same logic I can't criticise an MP who overclaims his expenses because "nothing stopped me from becoming one myself if I had wanted". "Bankers are well qualified individuals who will have worked very hard to get the job and to that position" - so are most of the professions but sadly don't get the benefit of "awarding themselves bonus''" " They work extremely long hours doing a very stressful job" - so do soldiers, nurses, not to mention a myriad of blue collar jobs that no one wants to do. None of these get to award themselves a bonus and none of these had any part in causing the world wide recession through their reckless behaviour, but they're are all paying the price unlike the bankers who get rewarded with tax cuts. You are fed up with banker bashing, there hasn't been any banker bashing that's the problem. Despite not a week going by without yet another fraud or criminal activity being exposed from the finance sector only one banker has been jailed, and i'm not even sure about that. If I were to steal a bottle of water I could be jailed, as a banker I can commit fraud worth millions of pounds destroy the economy and not only not even get a slap on the wrist I get to keep my job and get a tax cut in return. It's called the new feudalism. Nobody's suggesting destroying the banking system that is a scare story put about by the charlatans and fraudsters of the City. All people want is for the finance industry to obey the law and pay a small share of what they owe, like they (almost) do in our nearest competitors France & Germany. The longer we leave our economy unbalanced the more damage will be done to our society, and rebalancing means reducing our reliance on the corrupt financial services industry otherwise we will just have to keep on permanently bailing them out; social inequality will reach such proportions that we will just become like Mexico and that means life, even for the rich, will be immeasurably worsened. Even George Osborne said he was going to do it, sadly that remains yet another of the targets he set himself that he has failed to deliver on. Gobby Robby

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