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International Financial Transactions (Tax)

The hon. Gentleman makes an interesting point, but at the beginning of this process, we should be full of excitement and optimism about what something like a Robin Hood tax, if we could make it work, could do and what it could generate and mean reputationally. If we consider the economic crisis over the past couple of years, we can see that politicians and bankers have probably not covered themselves in glory. It is incumbent on both classes of people to look more imaginatively at how we can raise money, not least for the causes that interest us both internationally and at home. Politicians should use their imagination and work with the bankers, who bear some responsibility for where our economy lies at the moment. By working on something that has such high-level impact and public support and small rates of requesting taxation levels—0.005 per cent. of 1 per cent.—we could, amazingly, go some way towards restoring our reputations.