Prime Minister Gordon Brown surprised anti-poverty campaigners this weekend by calling for greater taxation of banks. His announcement has brought hopes for a Currency Transaction Levy (CTL) for health one step closer to reality. Addressing the G20 summit, Brown said it was not acceptable that banking success was reaped by the few but failure was “borne by all of us”. He said a fund for future bank bailouts should be set up, possibly paid for by a tax on banking transactions.
Although Gordon Brown did not go as far as to specifically call for a CTL to generate new resources for global health, RESULTS UK welcomes the Prime Minister’s call to radically transform the international banking system to ensure that the wealth generated by the financial sector is not consumed by a small minority but goes towards the creation of global public goods.
RESULTS UK Executive Director Aaron Oxley said, “We are very pleased that Gordon Brown has joined countries like France and Germany in endorsing the idea of a financial transaction tax. The Prime Minister’s high-level support is crucial for making a CTL for global health a reality. If implemented, a CTL could generate billions of dollars for the fight against diseases of poverty such as HIV, TB and malaria. Gordon Brown and other leaders have the opportunity to save millions of lives as well as showing that something positive and lasting can come out of the banking crisis.”