FINANCIAL TRANSACTION LEVY

That this House supports the Robin Hood tax campaign which calls for the introduction of a financial transactions tax; notes that by taking an average of 0.05 per cent. from speculative banking transactions, hundreds of billions of pounds could be raised every year to tackle poverty and climate change, at home and abroad; believes that 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; further believes that a Robin Hood tax would be an effective and popular response, with a recent poll finding that 80 per cent. of respondents supported the introduction of a Robin Hood tax; commends the work of all those organisations backing this campaign who have mobilised their supporters to increase the pressure for such change; further believes that this tax is an idea that has come of age; and urges the Government to do all possible to ensure that the Robin Hood tax becomes a reality.