The United Reformed Church has come out in support of a campaign pressing the UK’s main political parties to support a global financial transaction tax on banks.

The Robin Hood Tax campaign, launched today, argues that a tax of around 0.05% on banks will help to repair damage caused by the global economic crisis, protect public services at home, tackle poverty abroad, and help meet the costs of measures addressing climate change.

The Rev John Marsh, Moderator of the General Assembly of the United Reformed Church, said there was a moral imperative for the tax.

“The human suffering caused by the global financial crisis has been immense and the impact on vulnerable households in the UK and abroad devastating,” he said.

“Whilst it cannot restore lost jobs and livelihoods, this global financial transaction tax will go a long way to restoring public trust in financial institutions by raising up to £250 billion a year to fund critical development programmes here and abroad.”

Mr Marsh concluded: “Implementation of the global financial transaction tax would also serve to shift the public discourse from blame and retribution to hope: a governmental commitment to the common good is desperately needed in these stark times.”

The decision to support the campaign follows the passing of a motion by the URC last November backing the financial transaction levy, the forerunner of the proposed global financial transaction tax.

The motion voiced concern at the impact of the economic recession on the poor and vulnerable, proposed cuts to public services and benefits by political parties, and the impact of the public finances deficit on the UK’s commitments to international development and climate change adaptation and mitigation.