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Currency Transaction Levy

EDM number 1396 in 2008-09, proposed by David Anderson on 29/04/2009.
Categorised under the topics of International development and Taxation.

That this House notes that the global financial crisis has made meeting the Millennium Development Goals by 2015 significantly more difficult and requires a substantial new source of revenue; further notes that recent moves to end the secrecy of tax havens signals a willingness to redraw rules in the financial world; recognises that the foreign exchange market has continued to grow and that market volume now exceeds $1,000 trillion a year; believes that it is an anomaly that currency transactions are exempt from taxation since all other parts of the financial market have attracted transaction duties in recent years; endorses the proposal for a currency transaction levy at a rate of 0.005 per cent., which is high enough to yield potential revenue of about $33 billion a year but too small to alter market decisions; further believes that this measure affords little scope for avoidance since this market is fully electronic, and collection automatic; recognises that a precedent for a currency transaction levy has been set by the UNITAID international drug purchase facility, which is mainly funded by aviation levies that are collected nationally and pooled internationally; and strongly recommends that the Government supports consideration of a currency transaction levy at the forthcoming G8 Summit in Italy where large-scale financing instruments will be discussed under the auspices of the International Health Partnership.

This motion has been signed by a total of 46 MPs, 1 of these signatures have been withdrawn.

David Anderson29/04/2009BlaydonLabourProposed
Patrick Hall29/04/2009BedfordLabourSeconded
Peter Bottomley29/04/2009Worthing WestConservativeSeconded
Adrian Sanders29/04/2009TorbayLiberal DemocratSeconded
David Chaytor29/04/2009Bury NorthLabourSeconded
Michael Weir29/04/2009AngusScottish National PartySeconded
David Drew29/04/2009StroudLabourSigned
Dai Davies29/04/2009Blaenau GwentIndependentSigned
Jim Devine29/04/2009LivingstonLabourSigned
David Taylor29/04/2009North West LeicestershireLabourSigned
John Austin29/04/2009Erith and ThamesmeadLabourSigned
Andrew George29/04/2009St IvesLiberal DemocratSigned
Paul Flynn29/04/2009Newport WestLabourSigned
Janet Dean29/04/2009BurtonLabourSigned
John McDonnell29/04/2009Hayes and HarlingtonLabourSigned
Stephen Hepburn29/04/2009JarrowLabourSigned
Dai Havard29/04/2009Merthyr Tydfil and RhymneyLabourSigned
Bob Russell29/04/2009ColchesterLiberal DemocratSigned
Jim Dobbin30/04/2009Heywood and MiddletonLabourSigned
John Mason30/04/2009Glasgow EastScottish National PartySigned
John Leech30/04/2009Manchester, WithingtonLiberal DemocratSigned
Andrew Dismore30/04/2009HendonLabourSigned
Brian Jenkins30/04/2009TamworthLabourSigned
Paul Holmes30/04/2009ChesterfieldLiberal DemocratSigned
Andy Reed30/04/2009LoughboroughLabourSigned
Judy Mallaber30/04/2009Amber ValleyLabourSigned
Kelvin Hopkins05/05/2009Luton NorthLabourSigned
Lynne Jones05/05/2009Birmingham, Selly OakLabourSigned
Elfyn Llwyd05/05/2009Meirionnydd Nant ConwyPlaid CymruSigned
Alan Meale05/05/2009MansfieldLabourSigned
Martin Caton05/05/2009GowerLabourSigned
Ann Cryer05/05/2009KeighleyLabourSigned
John Cummings05/05/2009EasingtonLabourSigned
Mike Hancock05/05/2009Portsmouth SouthLiberal DemocratSigned
Alan Simpson06/05/2009Nottingham SouthLabourSigned
Rudi Vis06/05/2009Finchley and Golders GreenLabourSigned
Ronnie Campbell06/05/2009Blyth ValleyLabourSigned
David Borrow07/05/2009South RibbleLabourSigned
Mark Williams07/05/2009CeredigionLiberal DemocratSigned
Chris McCafferty08/05/2009Calder ValleyLabourSigned
Willie Rennie20/05/2009Dunfermline and West FifeLiberal DemocratSigned
Neil Gerrard21/05/2009WalthamstowLabourSigned
Paul Truswell21/05/2009PudseyLabourSigned
Eric Illsley01/06/2009Barnsley CentralLabourSigned
Bill Etherington01/06/2009Sunderland NorthLabourSigned
Ian GibsonUnknownWithdrawn

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