Robin Hood tax could raise billions, fight poverty and climate change

Celebrity heavyweights including Bill Nighy (Pirates of the Caribbean) and Ben Kingsley (Ghandi, Shutter Island) have got behind a new UK initiative entitled Robin Hood tax, which aims to raise money for the world''s most unfortunate by, as the name suggests, taking money for the world''s richest; in this case, the banks.

The Robin Hood tax works by charging banks and financial institutions a tiny tax which in turn would help to raise billions for those who need it most: ''public services, the fight against climate change and poor people in the UK and overseas''.

According to a campaign video (directed by Love Actually''s Richard Curtis and starring Bill Nighy) a tiny tax of about 0.05% on all transactions not involving members of the public - stocks, bonds, foreign currency and derivatives - would be enough to raise 250 billion pounds a year globally.

The Robin Hood tax website says that from the money raised for global causes: 4 billion pounds would put every child on earth in primary school; 5 billion pays for health care for 200,000 people, and 7 billion would mean that Haiti could fully adapt to the threat of flooding.

While originally a UK initiative, other countries are beginning to sign up to the cause. In Spain, President Zapatero has apparently spoken favourably about the idea of a Financial Transaction Tax, while the Finance Ministry remains vigorously opposed to taxing the banks.

However, says the campaign, in Spain and many countries there is a growing movement of people who believe that ''the financial sector should pay their fair share to clear up the mess they helped create''.