Newsletter : December 2009

Urgent message to supporters

Following significant progress with our campaign in recent months, a MakePovertyHistory-like movement amongst our core members has been ignited.  The likes of Oxfam, Actionaid and Save the Children are now throwing their weight behind a mass popular push for a 'Tax on Banks' in the run up to the forthcoming general election. This will result in unprecedented visibility of our cause and greatly magnify the chances that the financial sector will at last pay a greater contribution towards the costs of development and climate change. 2010 is now set to be the most exciting year yet for Stamp Out Poverty.

It is your actions that have helped build pressure to make breakthroughs such as Gordon Brown's recent announcement of support for a Financial Transaction Tax (FTT) possible.  Thank you for playing your part in the campaign.

Words of intention by politicians now have to translate into action, especially as the election looms. To rise to this challenge we are for the first time asking you for a financial contribution to our work. More than ever Stamp Out Poverty needs to expand its capacity in these coming months to ensure our voice is heard loud and clear. Please make whatever contribution you feel you can to support our efforts at this unique time for the campaign. 

To make a donation, please click here.

How UK/French support could mean real change

In a month in which Gordon Brown and Nicolas Sarkozy published a joint editorial in the Wall Street Journal singing the praises of a Financial Transaction Tax, we reflect on a month that has brought our issue into the mainstream.

Missing millions

Between GBP20-50 million is lost each year when UK charities send funds overseas for humanitarian and development work because of the uncompetitive rates and misleading transfer fees they are offered by banks. A new report from Stamp Out Poverty entitled ‘Missing Millions’ sets out how we can ensure less money disappears into bank profits and more money reaches its intended destination: life-saving work in developing countries.

Assessing the alternatives

The recent Copenhagen Summit, one of the biggest climate change events of a generation, ended with little real progress. It is estimated that at least US$200billion a year is needed for poor countries to adapt to climate change, but actual commitments fell far short of this. Stamp Out Poverty’s ‘Assessing the Alternatives’ report sets out how new and additional funding mechanisms must be introduced if we are to realise this figure.

Here are a selection of key articles and documents from the past month:

Financial Times: Tobin tax talk not without merit
FT changes its tune. Former trader outlines how a 'tobin' style tax could be borne by the financial sector, yet raise much needed revenue.

HM Treasury: Risk, reward and responsibility: the financial sector and society
The Treasury for the first time sets out its vision for a Financial Transaction Tax and how this could help re-define the 'social contract' between banks and society.

The Guardian: Transactions tax gathering momentum
The Guardian on Stamp Out Poverty's 'pivotal' role in triggering interest in FTTs.