Over the last week, billions of pounds have been wiped off share values worldwide as stock markets plunged.

One measure of the surge in speculative activity is the sharp rise in foreign exchange (FX) dealing. In September 2004 the Bank for International Settlements (BIS) published its sixth triennial survey of foreign exchange and derivatives trading activity.

Seventy-three percent of those who were asked in a national opinion poll were in favour of increasing the top rate of income tax on incomes of greater than £100,000 from 40p in the pound to 50p.

Committee for a workers' International publications

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