Until recently, anyone advocating a global tax on financial transactions was dismissed as hopelessly naive. That was until the world banking system came close to collapse.
While the economies of rich nations dived, those of developing countries foundered. This led to an urgent initiative by the United Nations to find financial mechanisms to protect poor nations.
Exactly 12 months ago, the UN stumbled on one that could be worth at least £40bn. A presentation by David Hillman, the coordinator of a little-known NGO called Stamp Out Poverty, at a high level conference in Doha proved to be pivotal.
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