"Frankly, I am not entirely surprised that the Harper government would choose the banks over social services, the poor and the environment," said James Clancy, NUPGE national president.
Ottawa (18 May 2010) - News that the Harper government is engaged in an all out push to prevent the upcoming G8/G20 from discussing a Robin Hood Tax has the National Union of Public and General Employees (NUPGE) and other advocates for the tax disappointed that Canada is missing an historic opportunity to demonstrate leadership on the world stage.
"Frankly I am not entirely surprised that the Harper government would choose the banks over social services, the poor and the environment," said James Clancy, NUPGE national president. "He is much more comfortable as the Sheriff of Nottingham than as Robin Hood."
The Canadian government is apparently feeling the pressure from the growing global campaign for a Financial Transactions Tax (FTT). The Prime Minister has sent high ranking Ministers in his government to deliver speeches in four major cities in the world.
The idea of a Financial Transactions Tax, or Robin Hood Tax, has been gathering support from around the world. In particular, the European nations are largely in favour of the proposal. Canada remains one of the few countries still opposed to the initiative.
"This is an idea that NUPGE has supported for a long, long time," said Clancy.
"We were supporters of the idea of a Tobin Tax on currency trading when it was first proposed many years ago.
"The financial sector brought the global economy to the brink of collapse. They then took billions in taxpayer-funded bailout money - some of which they used to pay themselves large bonuses. Now they are balking at the most modest proposal to pay their share," said Clancy.
"Unfortunately, the Harper government has decided to side with the major banks on this issue. We have to convince him otherwise."
In it's essence the proposal is for the world's nations to place a 0.05% (1/20th of 1%) tax on financial transactions which, it is estimated, could generate $400 billion a year.
Funds from the tax would be used to pay for the social costs of the economic crisis, to fight global poverty, to meet global public needs such as health care and to mitigate and adapt to the impact of climate change.
Advocates also argue that it would also contribute to greater stability within the financial system by reducing speculation and excessive liquidity.
Join the campaign: www.robinhoodtax.ca
NUPGE
The National Union of Public and General Employees (NUPGE) is one of Canada's largest labour organizations with over 340,000 members. Our mission is to improve the lives of working families and to build a stronger Canada by ensuring our common wealth is used for the common good. NUPGE
More information:
Robin Hood Tax
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