A coalition of willing countries today agreed to press ahead with plans for a European Financial Transaction Tax (FTT). Their decision came after proposals for
All member organisations of the Stamp Out Poverty network are signed up to the following declaration.
We, the undersigned, declare that
We are committed to the implementation of additional sources of finance, specifically duties or levies, to provide reliable and predictable revenue to pay for long term sustainable development and measures to tackle the adverse effects of climate change; as well, to combat behaviour, particularly by the financial sector, which may cause poverty through economic and environmental harm to developing countries.
- We commend the countries of the United Nations for their historic accord of the Millennium Development Goals in the year 2000, to improve the human condition worldwide through the provision of basic amenities such as clean water, essential healthcare and education
- We note that current avenues of development assistance – traditional overseas aid, debt relief and improved terms of trade – are neither providing an urgent enough response to stop preventable disease and death, nor generating the necessary funds to pay for the Millennium Development Goals and bring sufficient numbers of people out of poverty
- We urge decision-makers, in the UK and internationally, to take all steps necessary for an early introduction of new and additional financing initiatives, most particularly to extend the UK’s current stamp duty on the trading in shares to other financial transactions, such as bonds, derivatives and foreign exchange, with proceeds ring-fenced for sustainable international development objectives and to combat the adverse effects of climate change
- We further urge decision-makers to ensure that such proceeds do not replace either existing international aid disbursements, agreed commitments to increase international aid or provision to cancel the debts of developing countries.