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HM Treasury

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Information on global bank tax campaign

19 March 2010

A coalition of charities has launched a campaign calling for a tax on global financial transactions, the so-called Robin Hood tax. This has led to a number of enquiries from members of the public for information on a transactions tax and the Government’s policy on the issue.

At the heart of the charities’ campaign is the belief that banks - who have benefited from significant public support in recent years - should make a fair contribution to society. This is a belief that is shared by the Government.

The Prime Minister raised the issue at the meeting of G20 Finance Ministers in St Andrews in November.  He called for a better economic and social contract to reflect the global responsibilities of financial institutions to society.

The G20 nations have asked the International Monetary Fund to explore these issues further. They are looking at a range of options including contingent capital, systemic levies and transactions taxes. The IMF will deliver an interim report to G20 Finance Ministers at their next meeting in April, with a final report due in June.

The UK will continue to work for a global agreement to see banks contribute their fair share to society. Any work to raise awareness of this issue is to be welcomed.

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