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today i'm talking to owen tudor who's with the team you see an umbrella group for more than fifty trade unions in the u.k. which represent a total of nearly six and a half million people working in all sorts of sectors from train drivers to teaches to thank you for talking to us today now you are a great proponent of this robin hood tax which is a tax on financial transactions that basically aims to take from the rich and give to the poor is the name suggests why such strong support. t.c.s. been a supporter of the robin hood tax campaign ever since it was started in fact we were one of the organizations that helped set it up what we want to see is two things

firstly we're interested in a new stream of revenue from an undertaxed sector and one that caused significant damage to the world economy to fund global public goods help us stop cuts in public services help us tackle poverty at home and abroad and tackle climate change but also. the exciting thing about a financial transaction tax or robin hood tax is the actually big gain changer for the financial sector it would it would make short termism an awful lot more expensive than a long term investment and therefore it would shift the financial sector away from being something that the rest of us service and it would actually restore the old idea of the finance sector that its job was to support the real economy rather than the other way round so in many ways you know it is cheap several objectives at once and that's one of the reasons why we support it so it is basically air attacks on

large financial transactions is it retribution for the bankers it's not retribution but it is about making sure that the finance sector that cause so much damage to the world economy and actually put something back actually helps to to restore the situation because over the last few years we've actually seen an awful lot of people around the world suffering as a result of the actions of the finance sector with the possible exception of the people at the very top of the finance sector who have gone back to business as usual paying themselves huge bonuses so a financial transaction tax would take a really small amount of money nor point nor five percent on average sometimes lower than that and out of the sort of. not all the time around the world in the finance sector but which don't touch ordinary people at all so this is trading in futures and options and derivatives in currency speculation and so on and we would prefer to see the vast resources that are currently spinning round the global financial system actually used to invest in industry creating jobs and helping

people buy homes the way you talk about it sounds like a no brainer but there are objections to it and there are those who say it would be bad for business driving trade elsewhere in fact when it was introduced in sweden something similar in the one nine hundred eighty s. a lot of trade moved to london that the tax needs to be designed sensibly. a lot of people working on this for a number of years we've managed to persuade the international monetary fund and the european commission that this is a good idea and will work and that wasn't an easy job they weren't you know they weren't falling over themselves to support what we were suggesting this reduced example is an example of what happens if you design the tax badly britain actually already has a financial transaction tax at the moment it only covers shares which is probably you know with all of the bits of the financial markets probably the least offensive bit the one that causes least problems for the rest of the economy but that tax has

been in existence for about three hundred odd years and certainly hasn't stopped the city of london becoming the globe the globe's main financial center that's designed in a way that makes it impossible to avoid so that's the sort of design that we're looking for in the financial transaction tax and the i.m.f. found that sixteen of the g. twenty economies around the world have some form of financial transaction tax we want to extend it into the more recondite areas of the financial sector which are the ones doing least good for the for the population as a whole wouldn't necessarily even be a tax on banks what can you do to make sure that banks don't pass those fees along to their customers in the shape of reduced returns and higher fees for services that the tax actually falls less on banks i mean we use banks as a catchall expression to deal with the financial sector actually it's mostly hedge fund and boutique financial individuals people doing high frequency trading these

are people who are actually just doing stuff on their own accounts so they haven't got ordinary customers they've only got high net worth individuals and they they will lose out i mean one of the reasons there's been opposition to the tax is some people who are now very very rich are going to be much less rich as a result of this and they're not happy about it but. won't actually have much impact at all on the ordinary people in the street some some tax will fall on ordinary people but the benefits that they'll receive as a result will far outweigh that so the net contributors through the financial transaction tax are the very rich who have benefited most from the last twenty years of economic growth around the world and haven't been putting it back into the economy very often dodging tax in other areas as well which the which they're supposed to be one of the advances the financial transaction tax is you can't evade it by by hiding what you're doing if you want to buy

a financial product you have to pay the tax or you don't get the legal title that proves you own it if the rich are less rich doesn't that then have an impact on people lower down the economic scale as well in fact people at the services sector the very people whose jobs you're trying to protect the o.e.c.d. again no huge friends of ours in loads of areas have actually said that one of the problems with the world economy at the moment and one of the things that led to the crash one of the things that is holding back growth is in equality between the very rich and ordinary people and actually that that's the way we describe it now it's not even between the very rich and the very poor or actually what's happened is the very poor the poor and the ordinary working people have been left behind by the super rich who have massively increased their their income over the last twenty years and that hasn't actually helped anybody if you redistribute some of that wealth and create a more equal society then actually the o.e.c.d.

says. that will actually boost economies and make. make it easier for people to invest make it easier for jobs to create created and so on moving on back in september your members voted to look into the practicalities of holding a general strike so far we've seen no general strike does that mean that you found that it was impractical no we're still looking at the issue and seeking views from unions about it i mean i have to say the. it is an expression of the huge concern that unions feel about what is going on in the economy and that's something that shared across europe across the across the world and what we're looking at is what is the most effective way that we can change government policy on where we're government is actually creating enormous amounts of damage and unions are looking for you know what is the way to stop this happening and it's striking the way well

striking is something that trade unions do the withdrawal of labor is a fundamental human rights and sometimes it's the most effective way to get a resolution to a problem in almost every experience we have it's not the first resort it's the last resort that unions go for it if other things have failed then sometimes we have to take strike action unions and union members because they always get to vote on the issue take that action reluctantly they i mean it's them directly you know it's not an easy decision to take but they take that decision if they feel that's the only way to get the people their bargaining with back to the negotiating table a general strike isn't unprecedented but that hasn't been one in this country for eighty six years is it important to you and do you think you can carry the general public with you on this well i think our main issue is whether we can carry the general public on our commitment to creating a future that works and tackling the challenges of austerity if we can carry them

with us on that then i hope that we will be able to. convince the government to change. because to anything more serious what's your alternative to austerity we want to see greater investment in jobs we've got a position of the moment where partly as a result of the global financial crisis interest rates are at the lowest possible level now is the perfect time actually to borrow to invest i mean not not as we're doing at the moment actually to increase borrowing so we can pay people to lie idle on the unemployment benefits what we want to see is we want to see the government working with employers and with you to identify things that can be done that would boost the economy boost jobs boost wages those sorts of things will include for instance house building we've got an enormous housing problem in this country and

many countries have what we ought to be doing is investing in those bricks and mortar partly because it improves people's quality of life for people who can actually live in those houses and partly because of the economic effects of rebuilding the economy we want to see more investment in in green jobs so that we can actually achieve growth without destroying the environment we want to see more training so that people have higher level skills that can produce that growth that will actually feed back in terms of wages and jobs those are the sorts of things that we think ought to be done instead of what the current government is doing she's slashing capital program projects slashing infrastructure projects a few high profile ones to get the to get in the headlines but but actually undermining the future. of the economy in this country so really any kind of strike or industrial action by workers would undermine the confidence of the very investors that we need to complete those kinds of projects that is undermining

investor confidence at the moment is that they don't think people have got the money to buy the things that they might make that's what is actually holding back the economy. not the actions of those people trying to protest about that and we've seen huge protests for instance in space you know that early in greece and it's not values that are holding back investor confidence is the fact that people don't people who are looking to invest don't think they'll be able to get a return because they don't think there's enough demand in the economy what that means is we need people to be in jobs in work and earning money one of the things the government's done recently is to talk about harvey the amount of time that companies need to consult before making large scale redundancies to forty five days how have you reacted to that. making it easier to get rid of people is not a way to create jobs we favor of things that make it easier to create jobs and

easier of things that make it easier to create jobs and easier to to but actually having the amount of time that people have to get ready for unemployment and so on or find solutions i mean that's one of the worst things about this it actually means that it's easier to sack people than find a way. we think it would be better if the government concentrated on vat rather than making it easier to make people unemployed but don't companies need to stay law and then sort of ducking and diving trimming where they need to in order to survive in this kind of climate and indeed to employ anyone at all the actual countries that survive the economic crisis best with the ones with the most regulated labor markets with the most rights for working people. what we have in this economy is we already have one of the most flexible economies in the world and it doesn't seem to have done us any long term good terms of creating jobs or making people more productive this is the other side as the sort of solutions that i'm

talking about are if you have to find solutions to challenge of a falling demand you might actually go down the route of making your workforce more productive getting more out of the capital that you are investing rather than simply saying oh well we can't do anything let's just let people go right on the dealt that's no solution for the economy as a whole actually happening is a solution for any individual company either oh into debt thank you very much. yet another tragic shooting right on the streets of the capital is again cause to open the gun debate across the nation now all the talking heads are saying that you

got to take away the guns to be safe well the problem is that the shooting happened right on the streets of the capital of a country where the guns have already been taken away paris france three kurdish women one of whom was a kurdish separatist party co-founder were shot dead at the scene of the crime was right outside of a cursed institute which leads the police to think that it was an assassination you see when it comes to terrorism drug cartels the mafia you can make all the gun laws that you want but the bad guys will still have plenty of. the law the stores and. take.

so true. for you too late.

it's forty seven minutes past the hour you're watching business on our t.v. welcome to the program u.k. banking giants including goldman sachs may delay paying annual bonuses until april to help their employees save on taxes on april sixth the income tax in the country will drop from fifty percent to forty five percent of all the practice of delaying bonus payments is technically legal it receives a feast of criticism since the move may cost the government as much as twenty billion pounds to discuss this in details let's cross over to marco pietro pollie financial advisor at our am wealth management mr petro poland thanks a lot for joining about how of the top twenty banks in the city say they might delay bonus payments this year on the one hand of course that helps their employees optimize their tax payments and that's perfectly legal but that also means

a lower budget revenues what's your take on this. well if you were people in advance what the tax code is going to be people will alter their behavior to reduce their. taxes nothing. place in the wrong with it or illegal. how differently perfectly normal for people to. actually do that you can argue the point whether it's. right but of course the tax will will receive less revenue. what we're really seeing major spending cuts in the u.k. just last week there was a fourteen billion pound caught any one percent cap on welfare payment benefit benefit payments for the next three years and it's going to obviously widen the divide between the haves and the have nots is it not. well you know the first thing to say and it cuts have to take place. you can argue whether it's fair or whether

it's distributed but a lot of the spending cuts are actual cuts what we're actually seeing is a reduction in future increases in spending so no cuts the u.k. government is still growing a staggering amount of money and it's going to take quite a few years to get control situation assuming the wind blows in the right direction the economy doesn't slide further into into recession with regards to. the policy there's been a few days the last few sixty to prop up asset prices at the expense of the value of money so that is that any savings and those that go out to work for money their money is being devalued. and in return for that what's happening is that property prices in the stock market is being propped up which of course benefits the wealthy because the wealthy of the ones that actually own the assets who is losing values

that actually have money and savings and going to work for you really touching on a bigger issue and one of the bigger issues as of course the banking sector is a very powerful player and make huge waves not only knew you came but in the global economy how much a state control and regulation should there be in general in your view. well i think the banking sector is regulated to some extent one would argue that the regulation is not appropriate it doesn't extend enough but not much in the grand scheme of things actually changed since the financial crisis started back in two thousand and seven. the banks even many ways too much power. too involved in a very high level. government and it's very difficult to control

the banks and they seem to. be pushing back for example the basel rules and they are many ways of the lord in many many ways because. too much control. over the financial system. well thank you for your time that's an interesting topic but i think that will carry on carry us on into something completely different marco pietro pollie financial advisor at our am well with management and moving on let's take a look at the markets on wall street what we saw is a mixed picture the dow was and is trading flat to positive while the nasdaq is losing about half a percent the sour to europe was also mixed on monday with the footsie ending the trading day about a quarter percent or lower the dax managed to close in the positive territory up about two tenths of a percent and on the currency markets the euro is trading stronger to the u.s.

dollar here in russia the ruble managed to strengthen to the major currencies and here in russia the indices ended the week's first trading session in the red and moving on to other stories now russia's economy will face serious challenges this year that's according to a venomous t. daily that surveyed the country's top economists they say growth will continue to slow while inflation and the capital outflow will stay pretty high last cross-over to our correspondent that kind of political will is on top of this story tanya it sounds like overall the economists are pretty gloomy on russia's economic prospects is there. is that the case is that your feeling. that the bride who wrote hello doesn't write analysts say that slowly economic growth will be the main feature of russia's economy of the thea most analysts are more negative than i can

usually for a car they foresee just three point five percent g.d.p. growth compared to four point five percent of official forecast. that's because the main driver of domestic consumption is slowing down and actually the analysts say that most sources of russia's our growth are already exhausted. well that doesn't really sound good at all is there anything i'll bet anything promising to look forward to the fear. that there is something everybody is waiting for a large scale privatization program and more aggressive reforms but not all of this really happened last year and experts say that these get to refold global crises decreasing and the us are they will be even less incentive for the russian government to speed up the reforms if sold d.c.i.

could be the last one of the last one off relative stability before we could see big negative changes in two three years time and in fact russian central bank is it has already asked though to russian banks to prepare for the war as the regulator recommended them to develop a self rescue program in case over crisis this just passed that russian banks are now going through includes zero g.d.p. growth go to percent ruble collapse and plunging by fifty per cent top market well if they can withstand but that would really be something to applaud is that thanks a lot as you know but it's all business our chief response reporting here on the east center of moscow one. the world's biggest watchmakers with the swatch group is by the watch and jewelry business of harry winston for one billion dollars paying seven hundred fifty million for the company itself and an additional two hundred

fifty million dollars to cover its outstanding debt swatch which is trying to expand and it's trying to expand out of the watch segment into other businesses including high end jewelry for its part harry winston says it wants to focus on diamond lying and that's all the latest from the business desk oh we'll be back in two hours time but in the meantime you can always find a lot more stories that are key dot com slash this.

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