A coalition of some of the UK’s best-known charities have launched a campaign calling for a global tax on all transactions between financial institutions to raise money to fight poverty, protect public services and tackle climate change.

Oxfam, Barnardo’s, the Salvation Army, ActionAid and Save the Children are among 50 other organisations calling for a ‘Robin Hood tax’ which would levy all financial dealings between banks.

An Oxfam spokeswoman said: “While different rates of tax would apply to different types of transactions, they would start at just five pence for every thousand pounds traded – an average of 0.05 per cent.

“The market for financial transactions has exploded in the last decade, and now is worth 60 times global GDP. Before the financial crisis banking was the most profitable industry in the world. At the same time the financial sector is not taxed as much as other sectors.

“This campaign is calling for countries which levy the tax to keep half the proceeds domestically and for the rest to be split 50-50 between poverty reduction and tackling climate change. The UK’s share of the tax would amount to tens of billions of pounds.”

The UK campaign is part of an international movement with similar calls being made in the USA, Europe and across the developing world.

World leaders, including UK prime minister Gordon Brown, German chancellor Angela Merkel and French leader Nicolas Sarkozy have all spoken out in recent months in support of some form of transaction tax.

Financial figures who have backed a transaction tax include Lord Turner, chairman of the Financial Services Authority and RBS chairman Sir Philip Hampton.

The campaign, which is launched this week with a promotional film (see below) starring Bill Nighy and written and directed by Richard Curtis, has a website (http://www.robinhoodtax.org.uk/) and is on twitter @robinhood.