Research for Oxfam has shown that the 56 poorest countries are facing a $65 billion dollar hole in their finances because of the financial crisis caused by the banks. This means cuts in education, health and support for farmers. In desperately poor countries, that means people losing their lives. So a tax on the banks should help those hit by the financial crisis in poor countries as well as in the UK.
At the same time rich nations, who did the most to cause climate change, have promised to find $100 billion dollars to help poor countries who are being hit hardest by its consequences. It makes sense for the financial sector to contribute to the critical need for financing to fight climate change, a point recognised by Germany's Chancellor Merkel.
It is for these reasons that we think that half the money raised should be spent helping the poorest in developing countries, and the other half spent in the UK.