John McDonnell Calls for Robin Hood Tax

Photo by Garry Knight/Flickr

John McDonnell, the shadow chancellor of Labour, said that his party would roll out a Robin Hood tax on financial transactions, as he said that the big businesses of the world should feel a moral duty to pay the accurate amount of tax.

Talking at the World Economic Forum in Davos, McDonnell said that a Robin Hood tax could be utilised to fund public services.

He stated: “I just say to the corporations and the super-rich: pay your taxes. At the moment, there’s a lack of confidence in the tax system being fair, because of the exposure that’s gone on.

“So I think there’s a moral duty on those who earn more and the corporations who profit actually say we’re going to reject tax avoidance, we’re going to reject it as a concept.”

McDonell said that firms should inform their accountants and auditors to “Maximise our tax rather than minimise it.”

McDonnell said that the accountancy firms should have “a new Hippocratic Oath,” where the firms sign up to being committed to stopping tax avoidance “rather than enabling all these bizarre schemes to enable that to happen and then laundering money into tax havens.”

“There needs to be transparency. We should publish our income tax returns. I do it, Jeremy Corbyn does it – I’m saying to anyone in government who’s involved in decisions around taxation publish your income tax returns. I think wealthy people should do it as well; I think the corporations should.”

The shadow chancellor had said prior to attending the WEF that he was going to the event with a warning for the elites of the world.

“Just as Davos faces the risk of an avalanche this week, growth for a few risks a political and social avalanche unless there is fundamental change to our rigged economic system,” said McDonnell.