Written question asked by David Drew (Labour) on Tuesday, 22 March 2005, in the House of Commons. It was due for an answer on Monday, 4 April 2005. It was answered by Baroness Primarolo (Labour) on Monday, 4 April 2005 on behalf of the Treasury.

Treasury

Question: To ask Mr Chancellor of the Exchequer, what the Government's policy is on an international currency speculation tax.

Answer: Mr. Drew: To ask the Chancellor of the Exchequer what the Government's policy is on an international currency speculation tax. [224033] Dawn Primarolo: Currency transaction taxation is a long-established idea that has recently re-emerged in international discussions on how to raise development financing. The Government are prepared to consider all proposals for raising international finance for development, but there would be significant technical problems with a tax of this sort and it is not being actively considered at the present time. We believe the International Finance Facility remains the most developed proposal for providing additional resources in the region of the required $50 billion estimated for meeting the Millennium Development Goals.

Secondary information