‘Robin Hood’ bank tax to fight poverty

This article is provided courtesy of the news feed at http://www.newstartmag.co.uk/news

A charity coalition has launched a campaign calling for people to ‘be part of the world's greatest bank job’ - a tax on banks to help the poor.

A ten-metre high appeal was projected near Bank underground station in London today, inviting early-morning commuters to support the proposed ‘Robin Hood Tax’.

The group, made up of nearly 50 aid agencies, green groups, unions and faith organisations, is calling on political party leaders to support a 0.05% tax on international bankers' transactions – effectively the Tobin tax of a small levy on financial transactions between banks.

The coalition says the tax, which would apply only to speculative trading, not high-street banking, could raise up to £250bn a year to fight poverty, protect public services and tackle climate change.

In a message to party leaders, the group - including Oxfam, Save the Children, Housing Justice, the TUC, Greenpeace and ActionAid – said: ‘We believe the banks, which had a large role in causing the economic crisis, should do more than just pay back the bailouts – or insure against future crises.’

‘It is time for a new, practical contract with banks to improve the society they serve.’