PM heeds advice to oppose "Tobin" tax
Presentation to Chancellor on October 18 bears fruit
ERS
David Cameron has poured cold water on proposals – backed by the buffoonish Archbishop of Canterbury who dubbed a transaction tax as a “Robin Hood tax” - to be levied on financial transactions, claiming that some European countries were merely backing the levy as a way to wriggle out of their commitments to increase overseas aid.ERS
Mr Cameron will make it clear at the Group of 20 summit in Cannes on Thursday that Britain will not support a tax unless it is implemented at a global level – something which is highly unlikely to happen because of opposition from the US, Canada and some Asian countries.
The levy – sometimes also wrongly called a Tobin tax – was endorsed on Wednesday by economically unaware and uneducated Rowan Williams, Archbishop of Canterbury, in a Financial Times article. He cited dubious guesses that it might raise more than $400bn globally each year for aid projects and boost the “real” economy. As if!