Posted on 25th February 2010
NCVO is putting its weight behind the campaign for a global ‘Robin Hood Tax’ on banking transactions to raise billions to tackle poverty and climate change at home and abroad.
The campaign is calling on the leaders of the UK's political parties to support a global tax on banks to help repair the human damage caused by the global economic crisis, protect public services at home, fight poverty abroad and help foot the bill for climate change.
By taking an average of 0.05% from speculative banking transactions such as stocks, bonds and foreign exchange, the campaign estimates that it could raise around £260bn globally each year – “easily enough to stop cuts in crucial public services in the UK, and to help fight global poverty and climate change”, according to its website.
The campaign is calling for countries that levy the tax to keep half the proceeds for domestic use, such as avoiding cuts to public services and meeting the Government’s target to halve child poverty. It is proposed that the rest would be split equally between poverty reduction and tackling climate change.
A total of 75 organisations have already pledged their support to the campaign, which is being led by Oxfam and the Trades Union Congress, These include charities such as Oxfam, ActionAid and Comic Relief, as well as aid agencies, unions, green groups, financiers and economists. The campaign is also supported by philanthropists such as George Soros and Warren Buffet. Over 62,000 people have voted the tax a good idea on the campaign website since its launch on 10th February.
Claire Melamed, head of policy at ActionAid, said: “We now have a chance to raise enough money to create real and lasting change. If politicians are brave enough we could turn a financial crisis into an opportunity for the world's poor by raising billions from the banks to spend at home and abroad.”
The Robin Hood Tax would not impact on personal banking or on retail banking.
