Go for Tobin

Posted on

The FT has reported that:

A tax of one-hundredth of a percentage point on global financial transactions could provide hundreds of billions of dollars for developing countries facing the challenges of soaring commodity prices and climate change, the United Nations heard this week.

This is, of course, a reference to a Tobin Tax. I wholeheartedly endorse this in the form suggested by Stamp Out Poverty. This would do two things: raise revenue and promote financial stability. That's a double win. What is more, it can be done by the UK without the consent of the rest of the world being needed.

Gordon Brown should be listening.