April 16, 1999
Campaigning charity War on Want today launch a campaign for a currency speculation tax. A body blow in the fight against world poverty, it would help prevent the financial devastation recently seen in Thailand, Indonesia and Brazil. Vast sums would be raised for the poorest countries in the world. Cash for long term development not short term destruction.
Speculators gamble up to $2 trillion on the international financial markets every day, 95% of it unproductive. But, for the countries targeted, this spells crisis; collapsed economies., jobs lost, families made homeless. The Tobin Tax will stop this. We call for Gordon Brown to put this on the agenda at the IMF meeting next week.
Nobel prize winning economist, James Tobin, first proposed the tax in the 1970s. It is common sense. Catherine Matheson, director of War on Want, said: "Speculation kills. We demand that Gordon Brown lobbies for the Tobin Tax to be high on the international agenda. We must see an end to gambling with the lives of others. It is time for the rich bankers to give something back."
A Tobin Tax at a rate of just 0.25% would raise in excess of GBP 250 billion; five times more than the world currently spendson aid. This would, according to Jubilee 2000 figures, pay off all international debt within just eight short months. Now that is a real weapon in the war on want.
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