§ Mr. HesfordTo ask the Chancellor of the Exchequer what plans he has to introduce a tax on currency speculation; and if he will make a statement. [85620]
§ Ms HewittThe Government have received proposals for a tax on international currency exchange. This idea has a number of practical difficulties, including the problem of achieving global coverage and the scope for avoidance. We have considered carefully whether these difficulties can be overcome, but our work so far suggests that they cannot. Consequently, we have doubts that the tax would achieve our shared objective of a stable international financial system.