‘Brown blocking G20 progress on regulation’
Finance moves threaten poor, says War on WantNEWS HOOK
Friday, 14 November 2008 to Saturday 15 November 2008
Washington DC, United States
British premier Gordon Brown takes part in G20 summit of the world’s richest economies on the global finance crisis
John Hilary, executive director of anti-poverty charity War on Want, comments below and is available for interview
John Hilary, executive director of the anti-poverty charity War on Want, says: “For all his claims to be leading the world out of the crisis, Brown could well be the one blocking progress at the G20 summit.
“Brown is resisting proposals that regulation of the financial sector should be anything more than a light touch.
“Instead, he aims to secure further deregulation of financial markets through his call for a swift conclusion to the current round of global trade talks. The UK government’s main objective in these negotiations is the liberalisation of financial markets in emerging economies such as India, Brazil and Chile, with the aim of increasing business opportunities for UK financial service companies overseas.
“Britain is also attempting to hinder progress on international cooperation over tax dodging which costs developing countries £250 billion a year in lost government revenue.
“And the prime minister has obstructed moves to introduce a stamp duty on sterling currency transactions, which could raise billions each year for development.
“Brown has made much of his commitment to the fight against poverty. It is time for him to come clean on whether he supports restructuring international finance in the common interest or a return to casino capitalism.”
CONTACT: Paul Collins, War on Want media office (+44) (0)20 7549 0584 or (+44) (0)7983 550728
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