Thousands of charities are being urged to join a national campaign for a global tax on banking transactions to raise billions for those in need.

The National Council for Voluntary Organisations (NCVO) has called on its more than 7,500 charity members to join a campaign for a Robin Hood Tax.

The campaign calls for an average 0.05 per cent tax on transactions between banks globally, which would raise billions of pounds that could be used to protect public services in the UK, fight poverty and tackle climate change.

NCVO's chief executive, Stuart Etherington, said: "We believe in the good society, which promotes fairness and social justice. This tax would help achieve our aim by using a tiny proportion of monies transferred between banks every day to pay for crucial aid and support for those who need it. We are urging all our members to help make the Robin Hood Tax a reality."

A total of 75 organisations have already pledged their support to the campaign, which is being led by Oxfam and the Trades Union Congress, for a tax on banks to help repair the human damage caused by the global economic crisis. Financiers and hundreds of economists have also backed the campaign.

The tax would not be levied on banks' transactions with their high street customers. It would only apply to transactions between financial institutions.

While different rates of tax would apply to different types of transaction, they would start at just five pence for every thousand pounds traded - an average of 0.05 per cent. This small amount, applied globally, could raise up to £250billion a year.

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.

To find out more information and sign up to the campaign, visit: www.robinhoodtax.org.uk

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