British Prime Minister Gordon Brown on Saturday urged finance officials from the world's 20 largest industrialized and developing nations to weigh a global tax on financial transactions that would be used to fund bank bailouts.
"I believe we should discuss whether we need a better economic and social contract to reflect the global responsibilities of financial institutions to society," Brown told finance ministers and central bankers from the Group of 20 nations gathered at St. Andrews in Scotland.
France and Germany have backed such measures in the past, but efforts have met resistance from London.
Brown mentioned the measure alongside proposals for an insurance fee to reflect systemic risk or a resolution fund or contingent capital arrangements.
Such measures, however, would need to be implemented globally to ensure a level playing field, he said.
Among other conditions, the proposals "would need to be implemented by all responsible financial centers in the world -- the U.S., Europe, Asia, the Middle East and Switzerland," Brown said. "Let me be clear: Britain will not move unless others move with us together."
The measures will be discussed in a report due in April by the International Monetary Fund.
http://www.marketwatch.com/story/bri...tax-2009-11-07
How about reducing the salary of the politicians by 50% so they can be an example for all of us?
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