Editing Tobin tax (section)

===Sterling Stamp Duty===
In 2005, the Tobin tax was developed into a modern proposal by the United Kingdom NGO Stamp Out Poverty. It simplified the two-tier tax in favour of a mechanism designed solely as a means for raising development revenue. The currency market by this time had grown to $2,000 billion a day. To investigate the feasibility of such a tax they hired the [[City of London]] firm Intelligence Capital, who found that a tax on the [[pound sterling]] wherever it was traded in the world, as opposed to a tax on all currencies traded in the UK, was indeed feasible and could be unilaterally implemented by the UK government.<ref name="Spratt">{{cite web|url=http://www.stampoutpoverty.org/?lid=9889|title=A Sterling Solution|author=Stephen Spratt|date=September 2006|work=Stamp Out Poverty report|publisher=Stamp Out Poverty Campaign|access-date=2008-03-05|archive-url=https://web.archive.org/web/20070703081057/http://www.stampoutpoverty.org/?lid=9889|archive-date=2007-07-03|url-status=dead}}</ref>

The Sterling Stamp Duty, as it became known, was to be set at a rate 200 times lower than Tobin had envisaged in 2001, which "pro Tobin tax" supporters claim wouldn't have affected currency markets and could still raise large sums of money. The global currency market grew to $3,200 billion a day in 2007, or £400,000 billion per annum with the trade in sterling, the fourth most traded currency in the world, worth £34,000 billion a year.<ref>{{cite web|url= http://www.bis.org/publ/rpfx07.htm|title= Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity in April 2007 – Preliminary global results – Turnover|author= Bank for International Settlements|date= September 2007|publisher= Bank for International Settlements|access-date= 2010-01-02|author-link= Bank for International Settlements|archive-url= https://web.archive.org/web/20100407224644/http://www.bis.org/publ/rpfx07.htm|archive-date= 2010-04-07|url-status= live}}</ref> A sterling stamp duty set at 0.005% as some claim would have raised in the region of £2 billion a year in 2007.<ref>Schmidt, R. 2007 Currency Transaction Tax: Rate & Revenue Estimates, The North-South Institute</ref> The All Party Parliamentary Group for Debt, Aid and Trade published a report in November 2007 into financing for development in which it recommended that the UK government undertake rigorous research into the implementation of a 0.005% stamp duty on all sterling foreign exchange transactions, to provide additional revenue to help bridge the funding gap required to pay for the [[Millennium Development Goals]].<ref>{{cite web|url=http://www.debtaidtrade.org|title=健康でいたいなら、病院で検査を受けたり生活習慣を見直したりしよう|access-date=2019-08-30|archive-url=https://web.archive.org/web/20180809101526/http://debtaidtrade.org/|archive-date=2018-08-09|url-status=dead}}</ref>