Today a new campaign led by Comic Relief, Oxfam, Unison and about 50 other charities and civil society groups including Urban Forum was launched. The Robin Hood Tax coalition is campaigning for the introduction of a Tobin Tax - a small levy on financial transactions between banks. The Tobin Tax is an idea that has been around for many years, but has received renewed interest in the aftermath of the global financial crisis. Just a tiny 0.05% tax on deals done between banks could generate a large amount of funds that could be channelled to tackle social and environmental problems in the UK and globally. Richard Curtis (the man behind Blackadder, Four Weddings and Funeral and co-founder of Comic Relief) has clearly got the bit between the teeth and has assembled the full force of celebrity support for the campaign. Media coverage is growing and there's been an explosion of interest on Twitter (#rht is currently ‘trending') and Facebook. Urban Forum is proud to support the campaign and we see it as entirely complementary to our own Better Banking Campaign - which now has over 150 organisations supporting it.

The campaign is already raising public awareness and providing a constructive channel for the outrage people feel over the bank bailout. That is a great thing and with the general election looming something we're delighted to see. But, like Billy Bragg's great ‘No Bonuses to RBS' campaign, it does raise some important questions and present some challenges.

Firstly, whilst it would be fantastic to see a Tobin Tax introduced, it won't on its own address what's wrong with our banking system. Our system rewards excessive risk taking and irresponsible behaviour and this needs to be changed. A Tobin Tax can only be part of the solution.

Secondly, a Tobin Tax needs to be implemented internationally for it to work. The good news is that the IMF (International Monetary Fund) are currently looking at it, as one of a range of possible options for financial reform. The bad news is that (as I understand it) the Obama Administration aren't keen on the idea and introducing it without their support will be almost impossible. However in an interview in the Financial Times, Gordon Brown suggests international support for a Tobin Tax is growing.

These points in no way detract from the campaign - anything that raises public awareness and puts pressure on politicians for real change is great. However, it's essential that we keep sight of the need for a range of reforms that shift the incentives away from irresponsible behaviour to rewarding more socially useful practice. A Tobin Tax campaign moves the debate on to practical solutions (beyond simply anger) and Urban Forum is proud to support it alongside the Better Banking Campaign.