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Article: Prime Minister makes a U-turn on Tobin tax plan.
- Article from:
- Financial Advisor
- Article date:
- November 12, 2009
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Byline: Catherine Couch
Gordon Brown has appeared to have backtracked on his proposals to introduce a tax on financial transactions.
In a speech to finance ministers at the G20 summit held last weekend in St Andrews, Scotland, Mr Brown called for a "global financial transaction levy" to be introduced on a global basis which would then be collected and used as an international compensation scheme.
However, according to reports, Mr Brown has been forced to backtrack on the proposal due to "widespread criticism" of his plan.
His suggestions have been likened to the Tobin tax, after economist James Tobin, who in the 1970s suggested a tax ...