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Press release

The Muslim Parliament joins Tobin Tax Network

- Signs declaration on harnessing currency transactions to tackle global poverty


THE MUSLIM PARLIAMENT DECLARES THAT:

  • International currency transactions total more than $1 trillion a day. The vast majority of this is unrelated to the real economy of tangible trade in goods and services. Such enormous speculative flows have contributed to serious economic damage to countries and regions such as Mexico (1994), Southeast Asia (1997), Russia (1998), Brazil (1999) and Argentina (2001).
  • A small levy on such currency speculation (a Tobin tax – named after the Nobel Laureate who originated the concept) could both dampen down the scale and scope of speculation and raise substantial revenues, potentially in excess of $50 billion each year, for projects targeted towards ending global poverty.
  • Such an initiative now enjoys the backing of a number of governments and parliaments across the world, including France, whose parliament recently passed a law authorising its implementation.
  • We are heartened by the words of Chancellor Gordon Brown, that "innovative ways" need to be urgently found (including currency taxes) to finance development, and offer him this document to show the weight of opinion there is in the UK for the delivery of an initiative that both calms financial markets and utilises the revenue for urgent global needs.
  • We urge the Chancellor to take a global lead in pursuing all steps necessary for an early introduction of an internationally co-ordinated Currency Transactions Tax, with the proceeds ring-fenced for international sustainable development objectives.
  • We further urge the Chancellor to ensure that these proceeds do not replace either existing international aid disbursements, or agreed commitments to increase international aid.

To find out more about Tobin Tax or to become an active supporter please visit www.tobintax.org.uk

 

 

 

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