In 2013 a financial tax of just 1% would have raised the following revenue

At least £1.841 trillion

But you are told

• There is no alternative to increasing VAT to 20%.
• There is no alternative to slashing public services
• There is no alternative to making thousands of people redundant.
• There is no alternative to cutting pensions.

The idea is really simple, and Re Movement has a great deal of difficulty in believing that no-one has thought of it before. Essentially, it is based on the observation that if you take all the financial transactions for 13 major economies, you get a mind-blowing total of $9000 trillion dollars (that’s $ 9000 000 000 000 000). If you add up all the tax revenues for the same 13 countries, you get approximately $9 trillion. That’s 1000 times less. This means that if you imposed a 1% flat rate transaction tax, you would get 10 times more government revenue that they currently obtain.

WeRe Bank seriously thinks that the vast majority of citizens would vote for a scheme in which all taxes (income tax, VAT and sales taxes, and even taxes on profits) are abolished and replaced by a simple to implement 1% fee on all transactions.