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British PM backpedals on proposed financial transactions taxUnited States led a backlash against the so-called "Tobin tax"Russia, Canada, IMF and European Central Bank also criticized plan Gordon Brown, the British prime minister, rapidly backpedaled... Full Article at CNN
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RNRL's submissions on the MoU Paris: The International Monetary Fund is exploring the idea of making banks pay insurance fees to fund any future rescues in the sector, IMF managing director Dominique Strauss-Kahn said. Full Article at Expressindia.com
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Welcome to 'Letters From A Tory', covering British politics from a conservative perspective. Full Article at Letters from a Tory
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GORDON Brown dumped his plan for a global tax on finance yesterday after world leaders rejected the proposal. The PM asked finance ministers meeting at St Andrews to use the levy to build a multi-billion pound fund for fighting future cash crises. Full Article at Daily Express
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Within hours of Mr Brown's speech, both the US and Canada rejected the plan Photo: EPA The Prime Minister used a speech at a meeting of G20 finance ministers in St Andrews to call for the new tax to fund future bank bailouts – despite previous... Full Article at The Telegraph
Related Quotes
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Of course we're not going to sell at the bottom of the market ... we're not idiots
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We agree that we have to build a system in which taxpayers are not exposed to the risk of losses in future, where markets and investors don't live with the expectations that governments are going to save them from their mistakes
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We should discuss whether we need a better economic and social contract to reflect the global responsibilities of financial institutions to society
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There have been proposals for an insurance fee to reflect systemic risk or a resolution fund or contingent capital arrangements or a global transaction levy
