G8 Summit set to ignore real causes of poverty

The G8 must look at the problems behind global poverty, including the debt crisis and unregulated currency markets, says War on Want. Without even discussing measures like the Tobin Tax, the campaigning charity argues, they are ignoring the call of governments, civil society and parliamentarians from across the globe.

"These rich country governments are in danger of producing another set of nice-sounding initiatives which don't address the causes of poverty", said War on Want’s Senior Campaigner Steve Tibbett. "It's about time that the G8 came up with a new, decisive, deal on debt and starting talking about innovative ideas like the Tobin Tax, instead of promoting piecemeal headline-grabbing initiatives that so often come to nothing."

The Tobin Tax, a small charge on currency speculation - the proceeds of which could be used to fight poverty, is an idea that has increasing public support. It also has broad-based support from over 600 parliamentarians around the world. The recent G7 finance ministers report transmitted to the Heads of State and Government also makes specific reference to the proposal, as does the high-level UN panel on financing for development and the programme of the Belgian EU presidency.