The idea is simple: we ask banks all over the world to pay an average of 0.05% for certain bank financial transactions, starting from just 5p for every £1000 traded. It would apply only to speculative trading, not high-street banking.

Globally, it could generate £250 billion every year, with tens of billions raised in the UK. Half of the revenue would then be used to invest in public services and combat poverty in the UK, with the other half used to fund health and education and tackling the effects of climate change in developing countries. This tiny tax on financial transactions is fair, feasible and financially sound. Similar transaction taxes already exist in many countries and raise money for valuable public services.