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International Financial Transactions (Tax)

I am grateful to my hon. Friend, my colleague from Robin Hood land, for giving way. Does he agree that it is essential that any such proposal should be adopted on a global basis, because the money would otherwise simply flee to those areas that do not provide it? I therefore welcome the fact that the Government, particularly the Prime Minister, have been taking it forward, and that there has been a measure of success in securing interest from the European Union and the United States in such an initiative.