A 'Robin Hood tax' on transactions between financial institutions is being proposed by a coalition of charities, aid agencies and unions.
The anticipate £250 billion a year the tax is expected to raise will be used to protect public services and tackle poverty and climate change.
A spokeswoman for Oxfam 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."
Other organisations that make up the coalition include Save the Children, Salvation Army and ActionAid.
An online campaign about the levy on financial dealings between banks has also been launched starring actor Bill Nighy.
Half of the proceeds from the tax will be kept by the country's that levy it and the other 50 per cent will be used to help reduce poverty and tackle climate change.
International talks regarding an insurance-style tax on banks to create a fund to help with future bank bailouts were shown support by UK chancellor Alistair Darling last month.
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