§ Mr. Ieuan Wyn JonesTo ask the Secretary of State for Foreign and Commonwealth Affairs if he will make it his policy to support the proposal put forward by President Mitterrand at the world summit for social development for an international tax on currency speculation to fund assistance to developing countries for the eradication of poverty. [14928]
§ Mr. BaldryWe support the summit's conclusion that this type of taxation should not be promoted as a way of assisting developing countries. Taxation on international transactions essentially amounts to a barrier to trade which reduces global economic welfare.
542WThe best way to help poorer countries develop is to allow them to trade freely. That is why my right hon. and noble Friend the Minister for Overseas Development made clear in her address to the summit that full implementation of the general agreement on tariffs and trade is likely to generate more jobs worldwide than any other single international development.