Labour leadership contender Jeremy Corbyn has backed the Robin Hood Tax campaign – which proposes put a small tax on the purchase of financial assets – stocks, shares and derivatives – a financial transactions tax (FTT).

Writing in the Independent, Jeremy Corbyn said, “The movement for the Robin Hood Tax has been an incredibly successful insurgent campaign, now supported by nearly a million people.

“The tax is based on two very simple concepts: that the rich should contribute a little more to stop the suffering of the poorest; and that it was the reckless behaviour of the finance sector that got us into this mess and they should be paying for it.

“Estimates show that a FTT could raise as much as £20 billion – enough not to need a single cut to welfare in this Parliament, and to reverse those from the last. It could help close the deficit and pay off our debts, or found a sovereign wealth fund to invest in infrastructure for a more balanced economy.”