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International Financial Transactions (Tax)

It is important that the objective of such a tax is international, as there is always the possibility that people could move money, or move the base where they make their transactions. However, we have to start somewhere. We cannot suddenly say that tomorrow it will be global. Someone has to make the move; someone has to show leadership. My hon. Friend the Member for Broxtowe (Dr. Palmer) was right about the Prime Minister raising this issue early at the Pittsburgh summit last year, and I hope that this Parliament, too, will exercise such leadership. If we do achieve a cross-party effort, I believe that many others will quickly follow. It is one of those things about which people will say, "Why didn't we do this a long time ago?" It will raise large amounts of money and it will cost a minuscule, virtually invisible, percentage of the take on transactions around the globe. One figure mentioned is 0.005 per cent—that is five thousandths of 1 per cent. Because the take is so small and the consequences so large, if we in this country can show leadership I have a feeling that it will quickly become international.