Church leaders and Christian NGOs are calling on the Government to support the introduction of a unilateral financial transaction tax in the UK.

Even though the so-called ‘Robin Hood’ tax would average at just 0.05 per cent, they argue it could raise billions of pounds towards tackling poverty and climate change in the UK and overseas.

The Salvation Army, United Reformed Church, Quakers, Tearfund, CAFOD and Church Action on Poverty have all joined the faith group of the Robin Hood Tax Campaign, being led by a coalition of development agencies and groups.

They expressed disappointment that none of the main parties mentioned the tax in their manifestos launched this week.

They argued that there was a “moral imperative” for the UK to support the implementation of the tax in the wake of the global financial crisis, even if other countries do not follow suit.

The Rev John Marsh, moderator of the General Assembly of the United Reformed Church, said steps towards bank reform and levies detailed in the election manifestos did not go far enough.

He said the main parties had missed a “historic opportunity by failing to back this simple solution to creating a fairer economic and social contract between financial institutions and the British public”.

“It’s popular, it’s fair and it represents a just distribution of risks and rewards,” he said.

Paul Cook, advocacy director of Tearfund, said the tax presented an ethical way of releasing a very small percentage from the largest transactions and that it would make a “huge” difference to poor communities around the world.

Niall Cooper, national coordinator of Church Action on Poverty, added: “The moral and economic case for a Robin Hood Tax is clear. Drastic public spending cuts of the kind being discussed by all parties, will make matters far worse for millions of people struggling across the UK – and will push thousands more into poverty and debt.

“To avoid this happening, the Government urgently needs to raise new revenue without damaging individuals or the wider economy. The Robin Hood Tax fits this bill exactly.”