Take pensions: although a strengthened EZ cannot take over the entire pension system given current productivity differentials, it could deliver a basic citizen’s pension, a payment which would guarantee a subsistence minimum for all its retired citizens financed by a Robin Hood tax.
Pensioners are about 20% of the UK population, take that number to be true for all of Europe. So, 100 million out of 500 million people.
A basic citizen’s pension. £100 a week? 100 million times £100 is £10 billion a week. Some £500 billion, or half a trillion, a year.
And, umm, you think you can fund that with a Robin Hood Tax? The EU thinks they might be able to get €50 billion a year out of the RHT (this is before falls in income from other taxes driven by the RHT shrinking the economy which they themselves note).
You’re £450 billion short aren’t you? Either that or the “basic pension” needs to be £10 a week.
I know the economics at SOAS is a bit squiffy but I did think you were up on arithmetic.