Oxfam reaction to G20 finance ministers' meeting

G20 finance ministers met in St. Andrews, Scotland, on 7 November 2009. Oxfam has this reaction to their communiqué:

On Financial Transaction Tax

Max Lawson, Oxfam senior policy adviser said: “A tax on banks would be a major step towards clearing up the mess caused by their greed.

“The G20 has a responsibility to act. Every minute around the world 100 people are forced into extreme poverty as a result of the economic crisis. Money raised by a financial transaction tax on banks could make a massive difference to the lives of ordinary people.”

A global financial transaction tax could raise $1.15 trillion annually to help those affected by the economic crisis in both poor and G20 countries.

On tax havens

Max Lawson, Oxfam senior policy adviser, said: “It is not sustainable for the G20 to protect themselves from tax havens while allowing them to continue to deprive poor countries of hundreds of billions of dollars every year.

“A multilateral deal to ensure all countries are protected from tax havens must be a key priority for the G20 in 2010.”

On climate change

Max Lawson, Oxfam senior policy adviser, said: “The G20 has once again failed to live up to its rhetoric on climate change.

“As the clock ticks towards Copenhagen the hundreds of millions of people around the world who are already suffering as a result of climate change cannot afford to wait any longer for a deal.

“It is time for rich countries to face up to their responsibilities and stump up the cash poor countries need to protect themselves from climate change.”

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Communiqué of the G20 finance ministers (PDF)

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