Tuesday, July 31, 2007

Tobin Or Not Tobin?

That Is The Question For Gordon

Gordon Brown has made a commendable speech at the United Nations on the crucial need for positive measures to tackle world poverty. Massive resources are, of course, needed to achieve this.

The time is, therefore, opportune for him to stress the case for an internationally operated tax on currency speculation - commonly known as the Tobin Tax. This would cover the major financial transactions which take place across the world on a daily basis. If the world's major financial markets were placed under its operation and the financial might and technical skills of the G8 were used to reach funds hidden in off-shore accounts; then the massive resources would be available.

Here is an explanatory Early Day Motion which I submitted when an MP in 2004 as signed by 147 MPs on a cross-party basis; plus further details from a Socialist Campaign Group News article in an earlier campaign in 2000.

The problem is that Gordon Brown rejects the proposal. But the time is ripe for him to place the matter on the international agenda. We need some fresh and urgent campaigning on the issue.

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