Mr Osborne

There are arguments for, and very much against, a financial transaction tax, but a real red herring is the idea that a financial transaction tax could be used to meet the aid commitments that countries have entered into alongside Britain but have not delivered on. The financial transaction tax which is proposed in Europe, and which we will not accept, has been spent about four times over on domestic programmes, on the EU budget, on climate change measures, and on aid. A far better thing for the countries of the European Union to do is to live up to the commitments they made on international development and deliver them out of their domestic budgets.

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