James Meikle: Occupy London: Archbishop Backs New Tax on Banking

The archbishop of Canterbury has outlined a package of political and financial measures needed to take forward the "moral agenda" of Occupy London campaigners encamped outside St Paul's Cathedral. Backing a new tax on banking, Rowan Williams said the protest against financial inequality and banking excesses had been seen "by an unexpectedly large number of people, as the expression of a widespread and deep exasperation with the financial establishment that shows no sign of diminishing". Endorsing the idea of a "Robin Hood" tax on financial transactions, he said: "There is still a powerful sense around, fair or not, of a whole society paying for the errors and irresponsibility of bankers, of impatience with a return to "business as usual", represented by still-soaring bonuses and little visible change in banking practices." The archbishop's sympathy for the protestors, in an article in Wednesday's Financial Times, came after a day in which the cathedral announced it would not be taking legal action to evict them from its land, and the Corporation of London said it was pausing its bid to clear the encamp- ment. Its officials are expected to make further announcement on Wednesday.