The proposal to tax banking profits for the benefit of a variety of not-for-profit causes came to prominence with this short video, released in the UK in early February 2010, starring the ever popular Bill Nighy and directed by Richard Curtis, whose name is usually linked to feel-good British rom-coms like Four Weddings and a Funeral (which he wrote) and Love Actually (which he wrote and directed).
The argument in favour of the tax, an apparently grass-roots initiative, has now proliferated into a wider scale campaign (reportedly supported by more than a million activists) which is headquartered at an own web-site that represents a consortium of various activists and other non-profits (or ‘charities’, as they are called in the UK). It has been gaining momentum last week since the announcement of the coming elections on 6 May 2010. Supported by influential American economist Jeffrey Sachs (a man revered and loathed in different circles), the proposal is for a variation of the so-called Tobin tax, which makes provision for imposing a very small ‘spot’ levy on large financial transactions of the type that investment banks are regularly involved with.
Supporters of the tax were involved in events around Hyde Park’s Speakers corner last weekend. It all happens as Swiss-owned bank UBS is reporting a first-quarter pretax profit of 2.5 billion Swiss francs ($2.4 billion), compared with a loss of around 1.5 billion francs a year earlier. The campaign have just released a new video, starring Ben Kngsley as a banker (as well as a bunch of up and coming ethnic minority actors as the hooded boys who rob him in the ‘bank directors only’ car park).
In addition, here is a short video, again featuring Bill Nighy explaining why is this a good idea (as ‘no one is targeted, no individual is being punished’, and ‘it could be the only popular tax ever known’) and asking that people keep an eye on the campaign that appears to be gathering pace.