100+ economists urge finance ministers to tax the banks - raise your voice with them!

                                                                     Hi Friend,

Today, as G20 finance chiefs gathered in Venice, Robin delivered this letter from more than 100 major economists, urging them to immediately introduce a Robin Hood Tax on banks to help cover the costs of the post-pandemic recovery.

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Take $100 billion from banks: top economists tell Finance Ministers!

 

Robin’s list of signatories spanned every continent and included renowned US economist Jeffrey Sachs, and France’s Gabriel Zucman.

The urgent appeal from such highly regarded experts was covered in the Guardian and leading French paper, Le Monde.

The pandemic has multiplied existing inequalities both at home and abroad. Health systems have been brought to their knees; economies shutdown; livelihoods deteriorated and loved ones lost. But whilst wealthier nations begin to regenerate due to accelerated vaccine rollouts, poorer nations, already seriously burdened by debt, are being forced to make life and death choices between servicing their debt and the provision of healthcare for their citizens.

If the G20 implemented a Robin Hood Tax on banks, an additional $100billion could be generated every year to help nations support their people’s health and livelihoods, address the devastating impacts of a warming planet, and prepare for future pandemics.

Amplifying this letter is a crucial step in our plan to make those who can afford to - pay the most.

There’s no time to waste. Help us broadcast this story far and wide!

You can retweet our post here, or share on Facebook or Instagram.

Thanks so much for your support. The G20 finance ministers need to know the world is watching.

Together, we can tax the banks now!

From the team at Robin Hood Tax

Is this why the Tories hate trade unions?

Fascinating chart. Now, I know that not all Tories hate trade unions but none of their MPs voted against the Trade Union Bill second reading on Monday even though this is a basic democratic and human rights issue.

The chart shows that the income of the very rich (the so called "top 1%") falls as trade union membership rises and increases when trade union membership falls.

Unions are stronger when they have more members. When they have more members then their bargaining position with employers is stronger. Therefore, they can make sure that their members get better wages and a fairer share of the wealth. 

If the unions have lower numbers of members then they are not in such a strong bargaining position with employers and wages are reduced while the income of senior management and rich shareholders rocket upwards.

So encouraging trade unions rather than attacking them is not only about democracy and human rights but also about fairness and equality.

Hat tip Ravi S.

Redbridge Schools Fairness Conference

On Thursday I went to Beal High School in Clayhall to observe a conference run by Redbridge Schools on "Fairness".

I am a member of the Redbridge Council Fairness Commission which has been set up to investigate poverty and inequality in the Borough and what the Council and its partners can do about it. 

set up to investigate poverty and inequality in Redbridge and look at how the Council and its partners are taking action to address it. - See more at: http://www2.redbridge.gov.uk/cms/the_council/public_meetings/fairness_commission.aspx#sthash.Fob7WwQK.dpuf

set up to investigate poverty and inequality in Redbridge and look at how the Council and its partners are taking action to address it. - See more at: http://www2.redbridge.gov.uk/cms/the_council/public_meetings/fairness_commission.aspx#sthash.Fob7WwQK.dpuf

set up to investigate poverty and inequality in Redbridge and look at how the Council and its partners are taking action to address it. - See more at: http://www2.redbridge.gov.uk/cms/the_council/public_meetings/fairness_commission.aspx#sthash.Fob7WwQK.dpuf

The conference had around 100 pupils aged 14-17 and teachers from all over Redbridge. It was an opportunity for young people to discuss and debate "Fairness" and let us know what they think. Co-chair of the Commission, Cllr Mark Santos, opened the conference and told us that one of his favourite quotes was from former Prime Minster, Gordon Brown, that “Inequality should not be woven into the fabric of our lives". 

The main facilitators were Phoebe and Jake from the social justice group "The Spark", who were entertaining and informative. They led the activities, workshops and debates. I think everyone present enjoyed their enthusiasm and zeal for social justice even if I thought there could have been a little more balance and objectivity at times. 

I was very impressed by the young students present who were articulate and confident with a wide knowledge of current affairs. The most lively debate was actually about grammar schools with those for and against (there are 2 grammar schools still in Redbridge) passionate in their beliefts but still eloquent.

The final session was a brainstorming about "how can we make Redbridge fairer?" . The feedback was wide ranging: - a mass of analysis and ideas. I picked up "improve relations between different communities, promote a sense of unity, work experience hub, tackle age divide, teach practical financial skills, a swimming pool in Seven Kings, more youth clubs and greater community cohesion".

The full feedback will be fed back to all the Commissioners and at the end Cllr Santos thanked everyone for being part of such a great event and made it clear that the Commission will respond to all their ideas and suggestions.

(picture by Banksy used in photo activity)

80 Richest Own Same Wealth As Half The World

How on earth did we allow this to happen?

NHS Strike - 5 Days for fair pay

This morning UNISON and other union health workers will be out on strike in England.

For the first time in their history midwifes will also be on strike. The last such dispute on pay was over 30 years ago. Urgent and emergency care will still be provided.

The government is refusing to implement the independent pay review body award of 1% while at the same time increasing the pay of MP's by 11%. It will not talk to the trade unions.

Pay for the last 5 years has been below inflation so this means in real terms a massive pay cut for NHS staff.  The lowest paid such as Band 1 hospital porters have lost £1,387 and this year another £347.

Over the weekend we heard that 20% of NHS staff have to work a second job in order to survive and 13% depend on payday loans.

By coincidence on BBC news today they reported that the directors of the top FT100 companies now earn 120 times average earnings.  This is £2.3 million each per year. In 2000 they use to receive only 47 times the average. I note that they used the figure of average earnings as £27,000 per year. 25% of NHS staff earn less than £21,000.

It is growing pay inequality in this country that is driving not only poverty and food banks but disillusionment, distrust and fear in modern British politics.

The Spirit Level - Trailer

The Spirit Level - Trailer from Literally Films on Vimeo.

This is an excellent trailer which I recommend strongly. A number of unexpected contributors. "The Spirit Level tells the story of how the gap between rich and poor has risen to unprecedented levels, under our noses. But does it matter? We've be interweaving stories from across the globe to examine how it impacts on all our lives.

We have conducted in-depth research, both of the data and on the ground, identifying the personal stories that bring to life the bigger picture. We're thrilled to have completed filming across the US and UK, and to be taking the film into the edit.

We need your support to help us continue with the project and realise it's full potential. Please visit thespiritleveldocumentary.com to find out how".

3 Million People Struggle to Feed & Clothe their Children in UK: Official (& What to do about it)

This is the post I was going to publish on Boxing Day but thought that by doing so I would be a bit of a Christmas misery. Instead I posted this. 

In the run up to Christmas, the information and campaigning Group InequalityBriefing.org produced the above report on the 3 million people in this country who live in poverty (or "severe material deprivation" as defined by the ONS). This affects at least 5% of our population.

Next they published a briefing that showed the richest 1% in our society have got richer. In 1978 the top 1% got 6% of national income while in 2009 (latest figures - note under a Labour government) they got 14%!

Finally, on 20 December they published a report called "Can you live on a minimum wage?". They used figures from my Borough Newham (which is one of least expensive places to live in London) which shows if you survive on a minimum wage you would have £4 per week after paying for your essential living expenses. Of course people can't live on that and either work all the hours they can,  have 2 or 3 jobs, use food banks or depend on loan sharks (legal or otherwise).

I spent Christmas in North Wales and visited members of my family who do really difficult jobs and are bringing up kids on a minimum wage and insecure employment contracts. Life is really tough for them.

So what is the answer to widespread poverty and inequality in Britain?

The answer in my view (apology for rant) has got to include:- 

• A Living Wage for all as the new minimum wage. A Living Wage that will (eventually) also pay a living pension, decent sickness benefits and employment rights.
• Binding Wage councils between trade union and employers in sectors that can afford more than a living wage. 
• Truly progressive taxation to make sure that those who can really afford it - pay their fair share.
• Democratise shareholding to make sure that our Pension and insurance funds take their responsibility of ownership serious and stop us being ripped off by excessive executive remuneration.
• Re-balance power in the workplace and enable trade unions to protect workers and win back a greater share of national income for wages.
• Quality and well funded public services designed to prevent people falling into poverty in the first place and bringing them out if they do.
• Better regulation and intervention by local and national government to fix broken markets and protect consumers.

Regardless of the rights and wrongs of each particular policy above, unless there is change then I am convinced that the long term future of this country as a free (but imperfect) stable Parliamentary democracy subject to the rule of law is at risk.

If the rich keep getting richer and the poor keep getting poorer then you don't have to have a degree in history to know what will eventually happen. The Labour Party needs to resume its historic mission to act and save capitalism from itself.

It's the Same the Whole World Over

"It's the same the whole world over,

It's the poor what gets the blame,

It's the rich what gets the pleasure,

Ain’t it all a bleeding shame?"

I’ve been on a fair few pickets, lobbies and protests over the years where (especially in the East End) this music hall ditty was sung heartily by all those present. The tune and chorus have always been the same but the lyrics of the verses - dare I say – were usually somewhat more direct and lively!

I thought of the chorus yesterday when I was on an underground train going to a TUPE/ redundancy meeting in West London. I was reading the pension magazine “Engaged Investment” and a cheerily named article called “How Long is Life?” It was a bit teckie but one statistic did horrify me about the impact of income inequality in this country.

“...the extent to which salary affects life expectancy: an individual between 60 and 65 years old earning less than £15,000 is more than three times as likely to die in the following year than someone earning more than £35,000”.

So we have it - inequality kills - Something must be done...BTW The Tories ain't going to do it.