§ Lord Hyltonasked Her Majesty's Government:
What is their policy concerning the proposal to the G8 meeting held in June, by the President of Brazil, for a tax on international arms trading. [HL4624]
The Parliamentary Under-Secretary of State, Department for Culture, Media and Sport (Lord Mclntosh of Haringey)The IMF and World Bank are currently carrying out further work on all development financing mechanisms. This work will include all proposals for international taxes designed to generate additional development resources, including proposals for a tax on international arms trading. The IMF and World Bank have been asked to report to the development committee at the 2004 spring meetings, and to the IMFC at the 2004 annual meetings.
The Government are committed to finding the most effective way of mobilising the additional development resources that are necessary if the Millennium Development Goals are to be met. This is why the UK has proposed an international finance facility.