The Financial Services Authority's' backing of a proposal that would see taxes placed on the financial sector to reduce its 'swollen' size has been supported by charities which believe that tax revenues could aid those living in poverty. Yesterday it was revealed that Lord Turner, chairman of the FSA, had told Prospect magazine that the implementation of a 'Tobin Tax'- named after the economist James Tobin - would help to curb the big bonuses rewarded to those working for financial institutions such as banks, a regime that critics have said has contributed to the financial crisis. Now charities like Oxfam are cheering on the FSA and claim that a currency transaction levy could raise as much as £30bn: '$50bn(£30bn)would be enough to provide a basic package of healthcare, pensions and employment assistance to people in poor countries to help them survive the slump. The extra assistance would make the difference between one meal a day or two for families who have lost jobs as a result of the crisis,' Max Lawson, a senior policy adviser at Oxfam, told The Guardian. With a threat that the big bonus culture is returning to the City, Lord Turner said: 'If you want to stop excessive pay in a swollen financial sector you have to reduce the size of that sector or apply special taxes to its pre-remuneration profit.' He added: 'Higher capital requirements against trading activities will be our most powerful tool to eliminate excessive activity and profits. And if increased capital requirements are insufficient I am happy to consider taxes on financial transactions - Tobin taxes'. Lawson agrees that the bonus culture needs to be got rid of with banks instead bailing out 'the tens of millions of poor people pushed into poverty by a crisis they did nothing to cause'. Charity War on Want also backed the proposal with its executive director, John Hilaru, saying it was a 'sure-fire winner for development charities' although he acknowledged that Gordon Brown has not expressed any interest in implementing such a tax.