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A Life Saving Tax?

How a Currency Transaction Levy Could Help Meet the Health Millennium Development Goals

The 1st December is World Aids Day. To mark the occasion RESULTS activists will be writing to their MPs about the potential for a currency transaction levy to raise vital additional funds for global health, and to help to meet the $28-37 billion funding gap for meeting the health-related Millennium Development Goals.

Momentum is building in the campaign to establish a tax on on the currently untaxed foreign exchange market. It would apply at the tiny rate of 0.005% but could raise $33.4 billion annually. Recent votes of support have come from Nicolas Sarkozy and Angela Merkel, while Gordon Brown added his support in late November.

It is vital that we capitalise on this opportunity to ensure that more of the world's poor do not pay the ultimate price for our collective failure to put enough resources toward tackling health issues such as HIV/AIDS and TB.

Our expert speaker this month is David Hillman from Stamp Out Poverty

Latest Results: 
There was generally a very positive response to this action from MPs. The letters from RESULTS grassroots activists to their MPs led to a response from Stephen Timms, Financial Secretary to the Treasury, who expressed support for innovative financing mechanisms to raise more money for achieving the Millennium Development Goals. Mr Timms referenced investigatory work being undertaken by the IMF and the Taskforce on International Financial Transactions for Development and commented that the UK had been instrumental in ensuring that these reviews cover financial transaction taxes. Although there was no firm commitment to implement a transaction tax, the response showed a growing openness to the idea within the UK government.