G-20 pours cold water on Brown’s transaction tax proposal

By Incorrect Author 9 November 2009

UK Prime Minister Gordon Brown is not having it easy these days: even his international proposals, which used to be well received by his counterparts, are getting shot down. At the G-20 meeting at St Andrews, Brown came up with a proposal to create an international transactions tax, proceeds of which would be used to create a global fund for bank bailouts. The speed with which the proposal was shot down was notable: the US’s Timothy Geithner immediately said America would not support it, Canada would not even look at it, but probably the most hurtful comment came from the Russian finance minister Alexei Kudrin, who dismissed Brown as being “known for always raising taxes”. Ouch! Read more: BBC News

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