Taxing banks is a fairer way to balance the UK’s books than a VAT rise that would hit low and middle-income Britain hardest, according to a new report.

Robin Hood Tax campaigners from across the world will be taking part in Make Finance Pay Week, a global event aimed at making the financial sector take responsibility for its part in the global recession.

Opinion is divided about how far the International Monetary Fund (IMF) has gone in its proposals for how to make the banks pay for the crisis, says Owen Tudor. For some, it has taken some unexpectedly radical steps forward, but for others it has not yet produced an adequate solution.

The Christian Socialist Movement, which seeks to represent Christians in the Labour Party, has said that the election campaign has yet to address the moral issues raised by the banking crisis.