That this House notes that international currency speculation currently stands at about $1.5 trillion a day and that the vast majority of this is unrelated to trade in real goods and services; further notes that such enormous speculative flows substantially undermine the powers of national governments and regional blocs; believes that a small levy on such speculation, known as the Tobin Tax, after the name of the Nobel Laureate who originated the concept, could both help to dampen down the scale and scope of speculation and raise substantial revenues, raising as much as $250 billion each year for good causes such as development and environmental protection; recognises that such a levy would have to be universal or as near to that as possible and contain safeguards to minimise and eliminate tax evasion; notes that the Tobin Tax has the backing of the Canadian Parliament, the Belgian Parliament, the Finnish Government and campaign groups such as War on Want; and urges the Government to discuss the concept with its partners in international organisations such as the World Trade Organisation, the IMF, G8 and the European Union with a view to drawing up an internationally co-ordinated and feasible tax regime for currency speculation.

That this House notes that international currency speculation currently stands at about $1.5 trillion a day and that the vast majority of this is unrelated to trade in real goods and services; further notes that such enormous speculative flows substantially undermine the powers of national governments and regional blocs; believes...

That this House notes that international currency speculation currently stands at about $1.5 trillion a day and that the vast majority of this is unrelated to trade in real goods and services; further notes that such enormous speculative flows substantially undermine the powers of national governments and regional blocs; believes that a small levy on such speculation, known as the Tobin Tax after the name of the Nobel Laureate who originated the concept, could both help to dampen down the scale and scope of speculation and raise substantial revenues, raising as much as $250 billion each year for good causes such as development and environmental protection; recognises that such levy would have to be universal or as near to that as possible and contain safeguards to minimise and eliminate tax evasion; notes that the Tobin Tax has the backing of the Canadian Parliament, the Finnish Government and campaign groups such as War on Want; and urges the Government to discuss the concept with its partners in international organisations such as the World Trade Organisation, the IMF, G8 and the European Union with a view to drawing up an internationally co-ordinated and feasible tax regime for currency speculation.

That this House notes that international currency speculation currently stands at about $1.5 trillion a day and that the vast majority of this is unrelated to trade in real goods and services; further notes that such enormous speculative flows substantially undermine the powers of national governments and regional blocs; believes...

That this House notes the refusal of Gerrard and National to respond to the detailed allegations of deals made by Gerrard and National in the period both immediately before and after United Kingdom entry into the ERM on Friday, 5th October 1990; questions why the company point blank refuses to answer the details of the allegations and confines its remarks to its October statement denying prior notification of United Kingdom ERM entry; notes that enquiries undertaken by Bank of England officials are being deliberately obstructed by the company who are directing their questions towards those employees of the bank who are either in a very junior position and easily influenced or senior directors who it is alleged are implicated; notes that those directors insist that the bank was being no more bullish on the Friday in question than on any other Friday in innocent anticipation of ERM entry; asks whether it is true that Mr D. Klein was interviewed and at whose suggestion; asks why Mr D. Davy, Mr R. Woodhouse, Mr N.S. Rogerson and Mr R. Grey were not interviewed; asks whether Bank of England officials have examined the personal account positions of at least three directors of the company in relation to G.N.I.; and expresses the view that the size of the transactions carried out by Gerrard and National throughout the period concerned was unique and requires the fullest possible enquiries.

That this House notes the refusal of Gerrard and National to respond to the detailed allegations of deals made by Gerrard and National in the period both immediately before and after United Kingdom entry into the ERM on Friday, 5th October 1990; questions why the company point blank refuses to...

That this House notes allegations made concerning the trading activities of Gerard and National in the 24 hours immediately preceding the announcement at 4 p.m. on 5th October 1990 of Britain's entry into the European exchange rate mechanism; notes that Gerard and National during this 24 hour period are alleged to have speculated to the tune of 35 million in ?? sterling-dollar foreign exchange transactions thereby gaining from the rise in ?? sterling that followed upon entry into the exchange rate mechanism, whereas their normal trading size in such investments would be between ??2 and 5 million; notes that Gerard and National are alleged to have invested a further ??1000 million in the gilts market during the same period thereby enabling them to take advantage of interest rate movements; further notes that Gerard and National are alleged to have increased their exposure on their ?? sterling forward rate agreement book by an additional ??1000 million so as to gain by speculation in further interest rate reductions; notes that the majority of the foreign exchange positions taken prior to the announcement of exchange rate mechanism entry and a base rate cut were liquidated on the Friday afternoon after 4 p.m. and on the following Monday; and asks Gerard and National to make a public statement confirming or denying these allegations.

That this House notes allegations made concerning the trading activities of Gerard and National in the 24 hours immediately preceding the announcement at 4 p.m. on 5th October 1990 of Britain's entry into the European exchange rate mechanism; notes that Gerard and National during this 24 hour period are alleged...