Oxfam & the Financial Transaction Tax campaign

1. Oxfam & the Financial Transaction Tax campaign

2. Outline • What is a Financial Transaction Tax (FTT)? • Why does Oxfam support a FTT? • The Robin Hood Tax Campaign • Robin Hood Tax Campaign Strategy + Allies • Robin Hood Tax Campaign Outcomes

3. What is a Financial Transaction Tax (FTT)? • tiny tax – 0.05%-0.1% • applied to various categories of wholesale financial transactions including stocks, bonds and currency Precedent? UK stock exchange Feasible? IMF says yes Revenue? $400 billion globally, EU $55 million

4. Why does Oxfam support a FTT? • 2 main reasons: • enhance the operation of the market and reduce global financial instability; and • raise revenue for domestic goods (health, education), international development and climate change adaptation Why now? GFC, $100 billion global climate fund, need for innovative sources of revenue

5. The Robin Hood Tax Campaign • FTT has a long history • But, general public disinterested in FTT • Oxfam came up with the ‘Robin Hood Tax’

6. The Robin Hood Tax Campaign

7. Robin Hood Tax Campaign Strategy + Allies • Strategy – use combination of insider/outsider track (public RHT campaign, videos, petitions and briefing documents, policy proposals and direct lobbying) • Focus: Domestic parliamentarians, G20, BRICs, European Commission • Allies: broad based – unions, green groups, faith groups and iNGOs

8. Robin Hood Tax Campaign Outcomes • Highly successful • Supportive governments: France, Germany, South Africa, Brazil, Austria, possibly Japan, Spain, Korea • Supportive institutions: IMF, European Commission, Gates Foundation • Widespread public support • 1000 economists • Looking forward – G20 in November, European Commission, BRICS – building Asian-Pacific consensus