Labour pledges 'Robin Hood' tax on City

Claims £26bn would be raised over next Parliament

The Labour Party plans to raise billions of pounds for public services by imposing a financial transactions tax, as part of its manifesto for June's General Election.

Proposals include extending the existing 0.5% stamp duty on shares to other financial assets, including bonds and derivatives, the BBC reports. The tax regime would also be expanded to include market makers.  Shadow chancellor John McDonnell described the plans as a "Robin Hood tax" that would "make the financial sector pay its fair share" after the damage caused by the 2007-08 financial crisis. He has been a long-standing supporter of widening the scope of the tax. He said: "We bailed out the City ten years ago when the crash came, we poured hundreds of billions of pounds into it. Si...