Poll finds broad support for Robin Hood Tax to repair economic crisis

The poll of more than 2,000 adults by YouGov for Oxfam also found that only one in nine people feel that banks have paid back enough for their role in the crisis.

The findings reveal that 87 per cent of Conservative voters, 91 per cent of Labour voters and 93 per cent of Liberal Democrats believe that “banks, hedge funds and financial institutions have a responsibility to help repair the damage their actions caused”.

More than half of supporters of all the main political parties strongly agreed with the statement.

Oxfam is a member of the Robin Hood Tax coalition which is campaigning for a tax on financial transactions (FTT) to protect public services and help poor people at home and abroad hit by the economic crisis and climate change.

More than half of those polled (51 per cent) supported a Robin Hood Tax to protect public services and tackle poverty at home and abroad. More supporters of each of the main political party supported the proposal than opposed it. Overall fewer than one in five people (19 per cent) were against a Robin Hood Tax.

Although the UK already has a stamp duty of 0.5% on shares, raising £3bn a year, Oxfam says a Robin Hood Tax on shares, bond, currency and derivative transactions between financial institutions could raise as much as £20bn in the UK.

The Robin Hood Tax coalition is calling on Chancellor George Osborne to use this week’s Budget to close a loophole which allows traders to avoid the tax by using derivatives. Closing the loophole, a move advocated by the International Monetary Fund in a paper published earlier this month, would raise at least £3bn, according to the charity.

Max Lawson, Oxfam senior policy adviser, said: “This poll clearly shows the government’s attempts to draw a line under the issue of bank profits and bonuses has failed.

“People across the political spectrum want our politicians to bring banks to heel and make them pay to repair the damage their actions inflicted on millions of people here and in poor countries.

“Public anger at banks will not subside until they see the City of London pay its fair share.”

European Union leaders are expected to discuss the idea when they meet in Brussels on Thursday. The European Parliament has already backed a Europe-wide Robin Hood Tax and earlier this month the 17 countries in the Eurozone agreed to explore the introduction of an FTT at Euro area, EU and global levels.

Polls commissioned by Oxfam in France, Germany, Italy, Spain and the Netherlands have found that at least 82% of people in each country - or around four fifths - believe financial institutions should repair the damage their actions caused.

Lawson said: “This poll shows that a Robin Hood Tax on banks’ financial transactions would be the most popular tax in Europe’s history.

“People in the UK and across Europe clearly want David Cameron and his fellow leaders to join President Sarkozy’s coalition of the willing and help people at home and millions abroad forced into poverty by a crisis they did nothing to cause.”