Paul Dewar For Leader Campaign

Paul Dewar For Leader Campaign

November 01, 2011 14:35 ET

Paul Dewar: Time for Stephen Harper to Support G20 Progress on Financial Reforms

Global leadership needed to eliminate tax havens and establish a global Financial Transactions Tax

OTTAWA, ONTARIO--(Marketwire - Nov. 1, 2011) - New Democrat Leadership Candidate Paul Dewar is calling on Stephen Harper to support G20 efforts to eliminate tax havens and establish a Financial Transactions Tax to fight poverty and address the impacts of climate change.

"People around the world are looking for leadership to bring the G20 together. We must ensure that participants in financial markets contribute their share in addressing global challenges" said Dewar. "Stephen Harper should understand that the global nature of our economy requires coordinated international efforts."

Later this week G20 leaders will be presented with a proposal to crack down on international tax havens. A 2010 BMO Capital Markets analysis showed that the Big 6 banks used tax havens to cut their tax bill by almost $17 billion between 2000 and 2010. Stephen Harper has failed to end the unacceptable practice of using tax havens by a few super-rich individuals and companies.

G20 leaders will also consider a joint-proposal from France, Germany and the EU Commission on a Financial Transactions Tax which would levy a fraction of one percent on financial transactions. Dewar and New Democrats have previously called for the establishment of a multilateral global fund, financed by such a levy, in order to raise much-needed funds for global action on jobs, poverty and climate change.

"The FTT will be small change for banks, but a major boost to the fight against inequality, poverty and climate change" said Dewar. "It will also cut the excesses of speculative market which were central to the most recent financial crisis."

The FTT is supported by many European leaders including French President Nicolas Sarkozy and German Chancellor Angela Merkel. Prominent international economists such as Paul Krugman, Joe Stiglitz and Jeffrey Sachs back this change as do George Soros and Microsoft's Bill Gates. Dewar supports an FTT implemented with the widest possible international agreement through multilateral forums such as G20.

"I'm running for the leadership of the NDP to build a stronger and more caring Canada" concluded Dewar. "That means leadership that understands the world and can work in multilateral institutions to fight for action on jobs, poverty and climate change."

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