G20 asked to consider tax
(9 November 2009 – Global) Gordon Brown, British Prime Minister, has told the G20 finance ministers to consider a tax on financial transactions to reflect the global responsibilities of financial institutions and to pay for future bailouts.
At the G20 meeting in Scotland, Mr Brown said that imposing a ‘global financial transaction levy’ would make banks more accountable to society.
Mr Brown said that the Tax would need to be implemented by all the world’s major financial centres, including the US, Europe, Asia, the Middle East and Switzerland and that Britain would not move alone.
Mr Brown said that he believes in a strong global financial sector and in an open and inclusive globalisation.
However, the global economy and global society will only thrive if it is brought within a rational and fair framework, Mr Brown highlighted.
France and Germany have always been in favour of the tax, but London previously resisted.
But with the multi billion-dollar bill for bailing out the banks in the global financial crisis looming Mr Brown’s government has rethought their position.
Mr Brown said that the Tax would need to be implemented by all the world’s major financial centres, including the US, Europe, Asia, the Middle East and Switzerland and that Britain would not move alone.
Mr Brown said that he believes in a strong global financial sector and in an open and inclusive globalisation.
However, the global economy and global society will only thrive if it is brought within a rational and fair framework, Mr Brown highlighted.
France and Germany have always been in favour of the tax, but London previously resisted.
But with the multi billion-dollar bill for bailing out the banks in the global financial crisis looming Mr Brown’s government has rethought their position.
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