Any soul at Seoul?
Photo source: AFP, The Australian.
The G20 went pretty much as expected in terms of progress around the Robin Hood Tax (also know as a the Financial Transaction Tax or FTT). Predictably, Australian negotiators did their usual thing and gave the tax the thumbs down. The tax would place a small levy on each trade of stocks, derivatives, currency, and other financial instruments as a way to generate revenues for jobs and other domestic and international needs. Such taxes could also discourage the short-term financial speculation that has little social value but poses high risks to the economy.
Of interest was the G20 leaders reference to the report from the High Level Advisory Group on Climate Change Financing. Nicholas Stern is a member of this group, as is Australia’s own Bob McMullan. The report mentions a FTT as an effective way to raise the revenue needed to combat climate change, but notes that “diverging views will make this difficult to implement universally”. McMullan blogged recently that there are strong supporters for a FTT in the advisory group.
Robin Hood Tax Campaigners are well aware of need to educate leaders about FTT implementation issues. But there’s no doubt about it, the Financial Transaction tax is on the agenda and the next 12 months is going to be an exciting and busy time for campaign.
