G20 - Air Taxes Save Environment & Economy

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A G20 Summit joint press release from the Environmental & Economic Crisis spokespeople April Day and Isa Fool, announces a massive new tax on air travel effective from next month.

To help solve two of the biggest issues of our time - global warming and the economic crisis - Ministers today resolved to implement from 1 May 2009 a new tax on air travel. The fee will be £500 per flight for all flights to, from or via G20 nations. The fee will apply to every passenger including children and infants. Frequent flyer award tickets will be charged a higher rate of £1,000 per flight in order to discourage people from taking extra flights because they are free.

It is estimated that the fee will bring in revenue of £700b and at the same time cut CO2 emissions from flying by 30%.

Already, Finance Ministers of 107 other nations have supported the initiative by pledging to introduce the same levy.

The move is described as a "win for common sense".

I'm speechless.