Tobin Tax

House of Lords written question – answered on 13th July 2000.

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Photo of Lord Jenkins of Putney Lord Jenkins of Putney Labour

asked Her Majesty's Government:

Whether they will consider adopting the Tobin Tax Initiative to enable the maintenance of a comprehensive welfare state.

Photo of Lord McIntosh of Haringey Lord McIntosh of Haringey Deputy Chief Whip (House of Lords), HM Household, Captain of the Queen's Bodyguard of the Yeomen of the Guard (HM Household) (Deputy Chief Whip, House of Lords)

The Government support the principle of stable international financial markets. However, it would be practically impossible to achieve global coverage and there would be huge scope for avoidance. The Government believe the reforms to the international financial architecture, as set out in the G7 Finance Ministers' report from Cologne last June, can better achieve stable capital flows. A measure such as the Tobin tax could also introduce economic distortions to the international financial system.

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