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Gordon Brown backtracks on international banking tax

After Gordon Brown's proposal of a "Tobin tax" on all financial transactions around the world was ridiculed by fellow G20 members, the Downing Street PR machine has been in full swing this afternoon with a suggestion this was merely an idea which Gordon Brown had discussed rather than recommended.

To all intents and purposes this is a serious U-turn by Gordon Brown as for some he has been suggesting a tax on all financial transactions around the world as a means of increasing income for the worldwide regulatory community and a way of controlling the banking sector. However, now that his idea has been effectively blown out of the water by the US government, who refused to back the idea, he has been forced into an embarrassing U-turn which will be all over the newspapers tomorrow.

This is the latest in a number of humiliating climb-downs by the UK government which has being trying to grab the headlines and the limelight again after a disastrous few months. As we approach the general election it is vital that Gordon Brown is seen in a preferential light in the UK and the international press although at this moment in time he is having great difficulty grabbing any meaningful headlines.

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