Voting for Robin Hood

The day after 50 economists call for a cut in the 50p tax rate, 1,000 economists are urging the G20 to adopt the Robin Hood Tax, a 0.05% levy on every financial transaction.

Also known as the Tobin tax, it's estimated that it would raise 20bn a year in the UK alone. such money could be used to create jobs, invest in the health service and youth work across the nation.

It's good to see that there are some economists committed to the public good. A recent poll carried out by Oxfam suggests that 51% of the UK population think this is a good idea. And the even the IMF, which has reservations about it, has published a report suggesting that it could raise significant sums without unduly affecting the health of the financial services sector.

Let's vote for Robin Hood, I say....