Key reports

Carbon Majors Report 2017

Dr Paul Griffin, Carbon Disclosure Project – July 2017 Carbon Majors – just who are the big polluters? Groundbreaking research finds that 100 active fossil


Carbon Majors Report

Richard Heede – Climatic Change, January 2014 This paper traces 63% of cumulative worldwide emissions of industrial CO2 and methane between 1751 and 2010 to 90 fossil fuel


Financiers Letter

More than 50 financiers have come out in support of the financial transactions tax (i.e. Robin Hood Tax, FTT), arguing that it will reduce financial


Improving resilience, increasing revenue

Avinash Persaud – Intelligence Capital, May 2017

Former banker makes the case for modernising the UK’s current stamp duty on shares which could bring in an extra £4.7bn/year, £23.5bn over the course of a 5 year Parliament.


EU FTT revenue estimations

Manfred Bergmann – European Commission D-G Tax, June 2016

This short paper estimates revenue from a financial transactions tax at €22bn


The European Financial Transactions Tax: A way to end AIDS

Coalition PLUS et al – Coalition PLUS, November 2016

Coalition PLUS and a number of international solidarity organisations write this report. They identify the European FTT as a method of raising revenue to bridge the gap in funding to end HIV/AIDS by 2030.


A financial transaction tax would help ensure Wall Street works for Main Street

Josh Bivens and Hunter Blair – Economic Policy Institute, July 2016

The report argues that the U.S. economy is still recovering from the financial crisis of 2008. The financial transactions tax (FTT) would help ensure the financial sector compensates other sectors of the economy (particularly U.S. households) for the damage the sector inflicted.

Through generating tax revenues, decreasing the fees Americans pay on their investments, and shrinking unproductive parts of the financial sector, an FTT would help Wall Street work for Main Street.


Reigning in Wall Street to benefit all Americans: the case for the financial transactions tax

Dean Baker, July 2016

This report makes a detailed case for a financial transactions tax (FTT) in the USA, which could raise around $105bn annually to cover the costs of free college education and help reduce income inequality.


Closing the Stamp Duty Loophole

Avinash Persaud – Intelligence Capital, April 2015

This paper estimates that £1.2bn to £1.9bn could be generated by closing loopholes in the UK’s stamp duty on share transactions, leading to an increase in total revenues from £3.1bn to £4.3bn to £5.0bn.


Taxing Transactions in Financial Derivatives: Problems and Solutions

Avinash Persaud – Intelligence Capital, September 2014

In this report, Professor Persaud dismantles arguments made by bank lobbyists fighting against the Financial Transactions Tax.


A European Financial Transactions Tax: Revenue and GDP effects for Germany

Copenhagen Economics, March 2014

This is a study on expected revenues of the European Financial Transactions Tax (FTT), written by Copenhagen Economics at the request of the German Finance Ministry.


Opportunity or Threat? The Application of the EU-11 FTT to Sovereign Bonds

January 2014

This paper identifies the ways in which an FTT would affect the sovereign bond market and examines how participating Governments’ finances might change as a result. It argues that the importance of sovereign bonds to European economies does not undermine the case for an FTT.


New priorities for British Economic Policy

Tony Dolphin, March 2013

This IPPR report explains that Britain needs a new economic model, one in which government and the private sector work together to address the ‘triple crisis’ of stagnation, debt and imbalance.


Proposal for a Council Directive implementing enhanced cooperation in the area of Financial Transactions Tax

European Commission, 2013

This is the Commission’s proposal of a Financial Transactions Tax to be rolled out across 11 European countries as part of the enhanced cooperation procedure.


Impact Assessment of the EU FTT

European Commission, 2013

This is an analysis of the impacts and economic consequences associated with the introduction of a Financial Transaction Tax by way of enhanced cooperation.


Impact Assessment of the EU-FTT: Summary

European Commission, 2013


FTT: Non-technical answers to some questions on core features and potential effects

European Commission, 2013

The Commission’s response to general questions about what the FTT is, who would be taxed, and the efficiency and effects of the tax.


Technical FAQs: How the FTT works in specific cases and other questions/answers

European Commission, 2013

This document refers to the functions and impacts of the Commission’s proposal of a Financial Transaction Tax.


No Exemptions: The Financial Transaction Tax and Pension Funds

Network for Sustainable Financial Markets, December 2012.

This report from leading financial experts explains why pension funds must not be exempt from the Financial Transaction Tax (FTT) which is set to be implemented across much of Europe in 2013. 


Feasibility of taxing derivatives trading

Rodney Schmidt, September 2012

A report from a leading expert on the Financial Transaction Tax (FTT) explains why (and how) applying an FTT to derivatives trading is more feasible today than ever before.


Be Outraged: There Are Alternatives

Stephany Griffith-Jones et al, May 2012

Be Outraged – there are alternatives! is a booklet written by an international group of economists and social scientists disheartened by the widespread austerity policies presently underway in Europe and elsewhere.


The Economic Consequences of the EU Proposal for a Financial Transaction Tax

Professor Avinash Persaud, March 2012

A new report by Professor Persaud Avinash of Intelligence Capital, and former head of Currency and Commodity Research at JP Morgan, systematically dismantles critics’ exaggerated visions of the effects of an FTT on the economy.


Financial Transaction Taxes

Stephany Griffith-Jones and Avinash Persaud, February 2012.

The introduction of a financial transaction tax in Europe could benefit the European economy and raise the level of growth, according to a new study written by two prominent economists, Professors Stephany Griffith-Jones and Avinash Persaud.


Innovation with Impact: Financing 21st Century Development

The Gates Foundation, November 2011

In his report to the G20 in Cannes (November 2011) on new sources of finance for development Bill Gates, founder of Microsoft, shows his support for a Financial Transactions Tax (FTT).


Quid Pro Quo: Redressing the privileges of the banking industry

Prieg L, Greenham T and Ryan-Collins J – The New Economics Foundation 2011

According to this report banks enjoy an implicit subsidy from taxpayers; because they will be bailed out, if necessary, markets view lending to them as low risk. It estimates that in 2010 the ‘big five’ UK banks enjoyed a combined ‘too big to fail’ (TBTF) subsidy of £46 billion. Subsquently banks have come to occupy a unique and privileged economic position in relation to their customers and to other industries, enabling them to make excessive profits.


Taxing Financial Transactions, An Assessment of Administrative Feasibility

Brondolo J, 2011 – IMF Working Paper

This paper assesses the administrative feasibility of a tax on a broad range of financial instruments. It analyses the factors that facilitate or complicate the administration of an FTT.


Tax on Finanical Transactions: An Implementation Guide

Commissioned by UNITAID, September 2011

The Gates Foundation, November 2011According to this report banks enjoy an implicit subsidy from taxpayers; because they will be bailed out, if necessary, markets view lending to them as low risk.


Taxing Financial Transactions, Issues and Evidence

Matheson T, 2011 IMF Working Paper

In reaction to the recent financial crisis, increased attention has recently been given to financial transaction taxes (FTTs) as a means of raising revenue and helping to curb financial market excesses.


Financial Sector Taxation

European Commission, 2010 Communication from the European Commission: Brussels

This report argues that the only way to achieve financial stability and financial integration in Europe is to move towards a European-level bank resolution framework that has both funding and intervention authority.


The Tobin Tax - A Review of the Evidence

McCulloch N and Pacillo G, 2010 Institute of Development Studies

This report reviews the literature on how a Tobin Tax might be implemented, the amount of revenue that it might realistically produce, and the likely incidence of the tax.


Financial Sector Taxes

Dolphin T, 2010 IPPR

Produced by the Institute for Public Policy Research (IPPR) this paper assesses the ability of the UK’s financial institutions to pay an additional £20 billion annually in tax revenues in order to provide funds that could be used to fight poverty and climate change.


Financial Sector Taxation

The European Commission, 2010

In the context of a current financial crisis and need for fiscal consolidation, this paper analyses potential instruments to raise additional tax revenues from the financial sector.


The Impact of the Global Financial Crisis on the Budgets of Low-Income Countries

Kyrili K and Martin M, 2010 Development Finance International and Oxfam

This report examines the impact of the global financial crisis on the budgets of low-income countries, especially their spending to reach the Millennium Development Goals.


Globalizing Solidarity: The Case for Financial Levies

Leading Group on Innovative Financing for Development, 2010

This ground-breaking report was written by a Committee of Experts from 9 countries, including the UK, France, Germany and Japan.


Financial Stability Report

Bank of England, 2010

The Financial Stability Report aims to identify key risks to UK financial stability and to stimulate debate on policies needed to manage and prepare for these risks.


Symposium on the financial crisis and global economic governance

Third World Network, May 2010

This presentation for the UNCTAD Symposium on the financial crisis and global economic governance (Geneva, May 2010), focuses on:


Risk, reward and responsibility - the financial sector and society

HM Treasury, December 2009

Following the 2008 financial crsis, questions were rasied regarding the balance of risks, rewards and responsibilities between society and the financial sector. In response, this paper looks at regulatory reform and efforts to improve financial institutions’ corporate governance and risk management.


The Currency Transaction Tax: Rate and Revenue Estimates

Schmidt R, 2008

A report written by Professor Rodney Schmidt of the North-South Institute, Canada, and published by the United Nations University, 2008


Meeting the Millennium Promise

Phil Thornton, 2007

Meeting the Millennium Promise is a report from the All Party Parliamentary Group for Debt, Aid and Trade. Since early 2007 the All Party Parliamentary Group for Debt, Aid and Trade has been taking evidence from a range of governments, NGOs, financial actors, academics and other stakeholders into possible innovative sources of finance to meet the Millennium Development Goals.


Taking the Next Step: Implementing a Currency Transaction Development Levy

David Hillman, Sony Kapoor and Stephen Spratt, December 2006

This report, written by Stamp Out Poverty, was commissioned by the Norwegian Ministry of Foreign Affairs to inform the Third International Conference of the Leading Group on Innovative Finance for Development, in Oslo in February 2007.


Innovative Finance Mechanisms: comparing Aviation Tax and Currency Transaction Tax

Sony Kapoor, 2005

Former derivatives trader Sony Kapoor is a policy adviser with Stamp Out Poverty and author of the Currency Transaction Report. This paper compares the Aviation Tax proposition with the CTT.


The Economic Case for a Currency Transaction Tax

Thomas Palley, Director of the Globalization Reform Project.

A short presentation setting out the economic arguements for a currency transaction tax.


The Action Against Hunger and Poverty Report

Report of the Technical Group on Innovative Financing Mechanisms, September 2004

The Action Against Hunger and Poverty Report – also known as the Quadripartite Report – was commissioned by President Chirac of France, President Lula of Brazil, President Escobar of Chile and Prime Minister Zapatero of Spain and it states that “a tax on foreign exchange transactions is technically feasible”.


Report for President Chirac of France

Jean-Pierre Landau, 2004

President Chirac of France commissioned Jean-Pierre Landau to assess various innovative sources for financing development. The result is this comprehensive report.


The Currency Transaction Tax - Enhancing Financial Stability and Financing Development

Kapoor S, 2004 The Tobin Tax Network

A report by Sony Kapoor for the Tobin Tax Network


Revenue Potential of the Tobin Tax for Development Finance: A Critical Appraisal

Machiko Nissanke, 2003 UN

Machiko Nissanke’s report for the UN.


On the Feasibility of a Tax on Foreign Exchange Transactions

Paul Bernd Spahn, January 2002

Report commissioned by the Federal Ministry for Economic Cooperation and Development, Bonn.


A Feasible Foreign Exchange Transactions Tax & Efficient capital controls

Rodney Schmidt, 1999

Professor Rodney Schmidt of the North-South Institute is a renowned CTT expert and author of a number of key studies. Central to his work is the fact that a stamp duty can be levied unilaterally on a currency rather than on a jurisdiction or country, thus negating many of the technical objections.


When Financial Markets Work Too Well: A Cautious Case For a Securities Transactions Tax

Summers L, 1989

In a seminal paper (1989) Larry Summers, leading US economist and columnist for the Financial Times, examines the desirability and feasibility of implementing a Financial Transaction Tax (FTT) in the US.


A Proposal for International Monetary Reform

Tobin J, 1978

The current Financial Transactions Tax (FTT) has its roots in the Tobin Tax: read James Tobin’s proposal for a 1% tax on all foreign exchange tansactions as a means to reduce speculative trading.


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