Coaltion announces campaign for "Financial Speculation Tax"

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Small chance from the banks, big change for the world

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MEDIA ADVISORY

February 10, 2010

New campaign for global financial transactions tax:
Small change from the banks, big change for the world

A global coalition announced today a new campaign for a modest levy on financial transactions around the world to repair some of the damage done to working people at home and abroad by the financial crisis.

The proposed Financial Speculation Tax would help repair the damage caused by the global economic crisis, prevent the next one, create jobs at home, fight poverty and diseases like HIV/AIDS abroad, and pay the cost of reversing climate change.

In London today, an unprecedented coalition of UK charities, humanitarian agencies, faith groups, unions, and climate change groups launched a campaign meant to influence the two major political parties in advance of elections there. The UK effort includes a short film by writer/director Richard Curtis (“Love Actually,” “Four Weddings and Funeral”) featuring actor Bill Nighy.

The UK campaign comes at a time when a global levy is supported by an unprecedented group of world leaders—UK Prime Minister Gordon Brown, French President Nicolas Sarkozy, German Chancellor Angela Merkel and US House Speaker Nancy Pelosi have endorsed the concept, and the G7 finance ministers just agreed in principle that a universal levy is needed. The International Monetary Fund is currently developing
recommendations on options including a financial transaction tax.

Hundreds of leading economists, including Jeffrey Sachs three Nobel Laureates (Paul Krugman, Joseph E. Stiglitz, and Robert W. Fogel), support financial transaction taxes. In the US, a tax on financial transactions is supported by a range of labor, financial reform and global health groups.

Available for interviews:

• Jeffrey Sachs, economist,

Further information:

• Seth Amgott, Ampersand Global, 212-595-3670
• Jennifer Flynn, Health GAP, +1-917-517-5202

Background:

• For background on the G7 statements supporting a global levy:
http://www.guardian.co.uk/business/2010/feb/07/g7-alistair-darling-levy-banking

• For background on the UK campaign and media materials, including the Richard Curtis film, a technical briefing and supportive quotes from the coalition are available at:

http://www.robinhoodtax.org.uk/media
username: media
password: makemerry

Also see: Huffington Post article (click here)