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News24
'Time to consider global tax'
Scotland - Britain called for consideration of a global tax on financial transactions to insure against another crisis, and urged world finance officials meeting on Saturday in Scotland to agree on bearing the cost of fighting climate change. Full Article at News24
Related Articles
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THE international finance community was split over the weekend after British Prime Minister Gordon Brown surprised world leaders by announcing that he wanted to explore a multibillion-dollar worldwide tax on financial transactions. Full Article at The Age
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British Prime Minister Gordon Brown raised the idea at a weekend meeting of Group of 20 financial leaders in Scotland -- ending London's resistance to such moves on behalf of its huge financial sector. Full Article at International Business Times
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ST ANDREWS, Scotland (Reuters) - World governments should consider urgently a levy on banks to fund future bailouts, British Prime Minister Gordon Brown said on Saturday, departing from London's longstanding resistance to a global tax. Full Article at The Washington Post
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British Prime Minister Gordon Brown told finance ministers from the Group of 20 rich and developing it was time to consider a form of global financial levy such as an insurance fee on transactions or contingent capital arrangements. Full Article at San Francisco Chronicle
Related Quotes
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I think that it really is imperative that when we reach the end of the day, that we have shown that we have made some real progress in dealing with what is a very real and urgent problem now ... We will do everything that we can to reach that agreement in advance of the Copenhagen meeting.
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In the last couple of months or so the major banks have been raising term funding without the use of the guarantee. And to some extent the pricing mechanism that we put in encourages that to happen
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But I just would make this point - that it [the proposal] was raised in the context of countries where there had been massive bail-outs of the banking system. And that has not been the case in our country
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A day-to-day financial transaction tax is not something we are prepared to support.
