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date: 22 January 2010

embargo: 00:01 hours Monday 25 January 2010

Downing Street seminar should back a financial transactions tax

As representatives from the G7 group of nations, the World Bank and the IMF meet at a Downing Street seminar later today (Monday), the TUC is calling on those gathered to consider a financial transactions tax.

The seminar, which is due to be chaired by Lord Myners, has been called to consider how best to protect taxpayers from the costs of bailing out the banks.

TUC General Secretary Brendan Barber said:

'This debate must look further than just the direct costs of bailing out the banks either during the financial crash or any future crisis. The costs of the recession go far wider - both to taxpayers and the millions who have lost their jobs or livelihoods as a result of this finance driven downturn.

'A financial transactions tax must be at the top of the agenda for today's seminar. This is by far the best way to raise serious money from the finance sector, not just to make good the damage they have already done, but to stop future deep cuts in spending both in the UK and elsewhere.'

NOTES TO EDITORS:

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Contacts:

Media enquiries:
Liz Chinchen T: 020 7467 1248 M: 07778 158175 E: media@tuc.org.uk
Rob Holdsworth T: 020 7467 1372 M: 07717 531150 E: rholdsworth@tuc.org.uk
Elly Brenchley T: 020 7467 1337 M: 07900 910624 E: ebrenchley@tuc.org.uk

Press release (300 words) issued 25 Jan 2010