Unite has called for a radical overhaul of Britain’s financial and banking system to combat ‘feral capitalism’.

Top of the agenda at its policy conference in Brighton yesterday was the demand for a Robin Hood tax on financial transactions which, the union says, could raise £4.2 billionn-a-year to alleviate the cuts to public services and pensions. Capitalist countries as Switzerland, Singapore and the United States already had such a tax, it was argued. Delegates also voted to campaign to make all banks, whether owned by the taxpayer or not, to increase their lending to businesses and to councils to fund a massive council house building programme. They also urged that irresponsible bonuses should stop to those engaged in ‘casino banking’. The tax system needed to be overhauled and tax evasion and avoidance by wealthy individuals and corporations – estimated to cost £100 billion-a-year – should be stamped out.

Unite general secretary, Len McCluskey said: “Today, our members have drawn a line in the sand over the greedy excesses of feral and uncontrolled capitalism. Unite will campaign to have a fairer and progressive tax system which will help working people and inject much needed demand into an economy brought to its knees by the spivs and speculators. The fight back starts now with a Robin Hood tax a key demand.”

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