For many years now enlightened economists (and there are a few around) have been calling for a ‘Tobin tax’ – a tiny tax on banks, hedge funds and other financial institutions that could raise billions to tackle poverty and climate change at home and abroad. An average 0.05% levied on the billions of pounds sloshing round the global finance system every day – through transactions such as foreign exchange, derivatives trading and share deals – has the potential to raise hundreds of billions of pounds every year and would go some way towards paying back the debt that the financial sector owes the ...


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