The goal of the tax, according to a statement issued by the European Council, is "for the financial industry to make a fair contribution to tax revenues, whilst also creating a disincentive for transactions that do not enhance the efficiency of financial markets."

Oxfam is asking for a quarter of the sum be allocated to the Green Climate Fund (GCF), to help fund low-emission and climate-resilient development, particularly in poor, more vulnerable nations. However, there is no agreement yet on how revenues will be allocated.

An estimated £37 billon will be added to EU coffers annually from this new tax policy.