0.05 percent

The Royal Society for the Protection of Birds supports the Robin Hood Tax idea, so even if you couldn’t give a toss about your unemployed or poorly neighbour, think of the robins in your garden.

You know it makes sense.

OK, so it’s a Tobin tax by another name, but one not so different from what the US government wishes to impose on its banking sector. In any case, there is a rather obvious precedent for a transaction levy – an immensely regressive tax which is pretty much universal in one form or another, and set at rates considerably higher than that proposed here.

So what is it to be – socialism in pinstriped suits, or a modest attempt to turn the banking crisis into an opportunity for the world?