Currency Transaction Levy for Health ¥€$ We can A small charge on each transaction on the foreign exchange markets as a sales tax with a rate of 0.005% could raise $30 billion each year and if the EU acted alone in excess of $16.5 Billion
Not a new idea Nobel prize winner Tobin suggested the tax at a much higher rate to limit speculation on currencies The idea has been followed ever since – particularly by those on the left looking to control “the markets” REGULATE GLOBAL FINANCE N W!
Make Finance Pay Campaign to get a million signature petition A Lisbon Treaty “Citizens Initiative” REGULATE GLOBAL FINANCE N W!
Trade Unions Faith Groups Anti-Poverty Campaigners Development NGOs Social NGOs Environmentalists A “web 2.0” campaign Brings together:
The RHT “ask” Tax on all financial transactions at average of 0.05% Revenue divided: 50% domestic social spending 25% International climate finance 25% MDGs
More “Facebook friends” than the three main UK parties - combined Vote rig story – Goldman Sachs getting caught strategy is based on the assumption that supporters will engage with this campaign roughly as follows: Enthused > Inspired > Involved > Active
The Campaign Comes to Brussels
“Obama” bank levy: an “insurance” fund for the financial sector Would raise a much smaller sum and nothing for Global Public goods Even more minimal proposal made by the EC last week Other related proposals
Barnier last week "The examination of such measures should continue in parallel as a useful complement to the preventive funds that are considered in this Communication." But Barnier did not rule out EU action on FTT in addition