I’ve been hearing about the Robin Hood Tax.

The Robin Hood Tax is a tiny tax on bankers that would raise billions to tackle poverty and climate change, at home and abroad.

By taking an average of 0.05% from speculative banking transactions, hundreds of billions of pounds would be raised every year.

That’s easily enough to stop cuts in crucial public services in the UK, and to help fight global poverty and climate change. The Robin Hood Tax.

And as Lenin’s Tomb points out

Politically, it taps into a very good instinct. The bankers got rich pursuing speculative profits through various intricate schemes that placed national economies in tremendous danger (example of which), and have been rewarded with bail-outs. If there is going to be a shortfall in funding for public services, they should pay for it. Lenin’s Tomb.

There’s quite an argument against the Tax – the banks won’t pay their customers will have to, it won’t stop banking excess, it discourage good banking as well as bad.

Well to answer a few questions the customer will pay and not the banks – personally we’re already paying and are about to pay a lot more if the Tories get their way – come to that Labours plans look pretty scary too – and as for bank customers paying haven’t people heard of competition if you don’t like the price go elsewhere – market forces and all that. Also to be quite honest this is going to hit the wealthy harder than the poor – they don’t have pensions – let alone stocks and shares. It won’t stop banking excess well if it doesn’t at least we’ve raised a shed load of money or it’ll discourage good banking – you know people will speculate where ever there’s a profit to be made this tax will have a negligible effect on banking.

You know bankers are going to come up with hundreds of reason why they shouldn’t pay and we should – let’s just bit the bullet and tax them what have we got to lose.