Madeleine supports the Robin Hood tax

Madeleine meets with Richard Cutis about the Robin Hood tax

I recently met with Richard Curtis, Britain's most successful comedy writer, to discuss his campaign for a tax across the full range of banks' financial transactions. The writer of hit movies, Four Weddings and a Funeral and Love Actually is pressing for this tax, known as the Robin Hood tax, which could generate £255 billion a year. The money would be spent on international aid, combating climate change and boosting public services.

I made clear my support for this tax, and joined with groups like Barnardos, the RSPB, the Salvation Army and the TUC that also support the tax. The unprecedented bailout of the UK banking sector has created a budget deficit that threatens the government's noble commitments to end child poverty and fuel poverty, as well as to safeguard jobs and frontline services. What is also clear is that the poorest countries have been bit hardest by this financial crisis. The Robin Hood tax is a timely solution that significantly addresses the major financing challenges we face while renewing the social contract between banks and society.

The Prime Minister has for some time been discussing the idea of Tobin tax at international forums, and recently commented that: "I have proposed, with other people, that a levy be raised from banks. There is new interest in that around the world, and I believe that over the next period we will reach agreement on a global financial levy. I am sorry that many people opposed it when it was first announced, because I believe that we will be able to go ahead with it in the not too distant future."

Such a tax is now being discussed in all countries in Europe and investigated by the International Monetary Fund, and the EU is to produce a report on it. I hope that given the upcoming election we can have a national debate on this, and the general idea of fairness and fair taxes.