Major nations call on UN for Robin Hood Tax


by Guest    
September 3, 2010 at 11:07 am

contribution by Owen Tudor

In less than three weeks, the UN will hold a review summit on the Millennium Development Goals (set in 2000, they are due to be achieved in 2015 so we ought to be two thirds of the way there – and we aren’t).

Deputy Prime Minister Nick Clegg and International Development Secretary of State Andrew Mitchell will be attending the event for the UK – and the TUC has joined with many NGOs to call on them to support a concrete plan of action to reach the MDGs.

One key issue is how to pay for the measures necessary to reach those goals, and financial transactions taxes (FTTs) would make a big difference.

But it won’t just be unions and NGOs calling for a Robin Hood Tax in New York. The Leading Group – 60 nations including the UK – are calling for a currency transaction levy (a compenent part of an FTT) at the UN summit.

French foreign minister Bernard Kouchner, Japanese foreign minister Katsuya Okada and Belgian international development minister Charles Michel are leading the charge.


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Reader comments


well I never. congratulations are in order to your campaign (irrespective of any reservations I may have).

do you know of any potential answers to the problem of how to ensure any money raised translates into a net increase in development spending?

Fortunately neither the US nor, despite rather misleading para 4, the UK is calling for such a thing.

Owen never ceases to amaze.

As he knows damn well, the incidence of such a tax will be upon us, not those ghastly bankers, the incidence is highly likely to be over 100% (that is, we’ll end up paying more as a result of the tax than the tax will raise) and to boot, the whole thing is illegal under EU law anyway.

Furthermore, the UN does not have the authority to impose this that I know about, so it would have to be voluntary. Anyone see the Cayman Islands signing up in the near future?


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