CAFOD calls on G20 to reform financial system

Press Release   •   Nov 04, 2011 08:11 GMT

In a press release marking the start of the G20 talks on Thursday 4 and Friday 5 November, CAFOD called on UK Prime Minister David Cameron to "...reaffirm his position as a leader within Europe on development finance and back the FTT (a financial transaction tax). Cameron's insistence that he is behind the idea if carried out in global unison - when we know America is not onboard - is cynical."

CAFOD Director Chris Bain said:

"A global tax on financial transactions could go a long way in stabilising the financial system and financing the fight against poverty and climate change. The European leaders should continue to promote the tax in the G20 and we hope those G20 leaders who have so far refused to appreciate its potential and urgency will support the tax too.

"Yet, the G20 continues to focus on an outdated growth model that leaves the poorest out in the cold – unable to benefit from or contribute to the economy. Joint action by the world’s most advanced economies could mean a lot to the poorest at home and abroad, but with the wrong agenda it will only lead to further impoverishment and inequality."