Support the Robin Hood Tax – be part of the world's greatest bank job!

Ahead of the forthcoming General Election, the ecumenical Church Action on Poverty has joined a campaign for a 'Robin Hood Tax' on banks’ financial transactions. Just a tiny tax on bankers would raise hundreds of billions of pounds to fight poverty, protect public services and tackle climate change.

CAP spokesman Niall Cooper said: "It is time for the Banks to pay their fair share to protect the poorest and most vulnerable from further economic hardship. A Robin Hood Tax makes economic and moral sense. In the run-up to the General Election, it is the time for the faith communities and all people of goodwill to help make it a reality.”

To watch the Robin Hood Tax video, starring Bill Nighty and directed by Richard Curtis see:

There is also a petition on the site. The campaign is supported by around 50 Churches and charities. It is also backed by financiers and hundreds of economists who have signed a letter supporting the campaign.

Alastair Constance, City trader and founder of Ethical Currency, which already levies a voluntary rate of 0.05 per cent on all currency transactions, said: "Billions of pounds whizz round the global financial system every day. A tiny tax on each transaction is absolutely practical and will hardly be noticed by those paying it. But it could still raise billions to help make the world a better place."

The Robin Hood Tax would not be levied on banks’ transactions with their high street customers, but only apply to transactions between financial institutions. While different rates of tax would apply to different types of transaction, they would start at just five pence for every thousand pounds traded – an average of 0.05 per cent.

But even such tiny taxes would raise hundreds of billions of dollars a year given the scale of transactions – equivalent to $10,000 a day for every one of the 1.2 billion inhabitants of the world’s 30 richest countries in the OECD. Experts have estimated an international transaction tax system could eventually raise as much as £250bn ($400bn) every year.

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