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Gordon Brown to support Tobin tax

Gordon Brown will again back calls for a Tobin tax at the Confederation of British Industry annual conference in London today, according to reports.

The Guardian says Brown’s renewed commitment comes after a survey shows more than half of voters would back the plan if the proceeds were used to help society’s poorest.

According to a YouGov poll 53 per cent of voters are in favour of the idea and only 28 per cent are against.

In August FSA chairman Lord Turner floated plans to introduce a new tax on financial transactions in the City, which would cut bank profits and the assets available for bonuses.

He said such a tax would be “a nice sensible revenue source for funding global public goods”.

In September the CBI dismissed the tax and criticised Turner for taking a moralistic stance against the banking industry.

CBI director general Richard Lambert said there was no point in introducing the tax in one country if it was not enforced elsewhere in the world.

Brown supported a Tobin tax earlier this month but backtracked after widespread international criticism of the idea.

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There are 3 comments at the moment, we would love to hear your opinion too.

  1. Incompetent Regulators Awards Team 23rd November 2009 at 9:57 am

    Good idea Gordon and Adair, lets kick them whilst they are down. That’ll finish the banks off for good then!

    I think they should listen to the people accross the shores in teh USA. As we always have tio follow in their footsteps don’t we?

  2. I presume that this is all part of Gordons scorched earth policy.
    Drive the financial Services industry abroad before the dour scotsmans multi million pound follow up to Blair’s lecture tour .He can allways blame everything on the Tories.

  3. we need strong banks so a stupid idea. The tax take on their profits over the years IS and will continue to be substantial. The french and germans would love this to happen, sending the bankers all in to their arms. Really smart thinking Golden Brown! (not)

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