Umbrella body the NCVO backs 'Robin Hood tax' campaign

Led by Oxfam and the TUC, the campaign calls for 0.05 per cent tax on transactions between banks

The National Council for Voluntary Organisations is urging charities to join the campaign for a global ‘Robin Hood' tax on banking transactions that could raise billions of pounds for good causes.

The campaign, which is being led by Oxfam and the TUC, calls for an average 0.05 per cent tax on a variety of transactions between banks to help repair the damage caused by the economic crisis.

The organisations say the tax could raise up to £250bn a year globally, half of which would be split equally between projects to reduce poverty and tackle climate change.

The other half would be kept by the countries that levied the tax.

Campaigners say the Government could use the revenue to avoid cuts to public services and to meet its target to halve child poverty.

Stuart Etherington, chief executive of the NCVO: "We believe in the good society, which promotes fairness and social justice. This tax would help to achieve our aim by using a tiny proportion of monies transferred between banks every day to pay for crucial aid and support for those who need it."

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Robin Hood Tax campaign

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