PARLIAMENTARY EARLY DAY MOTION
STAMP DUTY ON STERLING CURRENCY TRANSACTIONS TO FUND INTERNATIONAL AID (4 July 2005)

That this House is deeply concerned that thousands of men, women and children die from hunger and preventable diseases every day and that this is unacceptable when the technology, expertise and resources exist to eliminate poverty; welcomes the call from global leaders for an extra $50bn each year to pay for the UN Millennium Development Goals for the provision of clean water, healthcare and education to the world's most deprived people; notes that a simple stamp duty on currency transactions is technically possible and would bridge this funding gap; therefore calls on the Government to impose on sterling currency transactions a very small stamp duty of half of one hundredth of one percent (0.005%) to generate as much as £3 billion each year in extra revenue dedicated to international development; and strongly urges the Government, in this unprecedented year when the UK holds the presidency of the G8 and the EU, to play a leadership role in developing this powerful new income stream to help bring millions of people out of poverty.

Sponsored by:
Baroness Burt of Solihull (Liberal Democrat)