Gordon Brown has raised the possibility of a new global tax on banks as a repayment for the billions of pounds of taxpayers money they have received.

The Prime Minister strongly signalled that country leaders should consider imposing a "Tobin tax", in a move which will cause controversy in the financial world.

In a last minute decision to address the G20 finance ministers meeting in St Andrews today, Mr Brown called for a new "economic and social contract" between the public and private sectors.

Banks should take more pain in recognition of the systemic risk posed by the financial system, which means taxpayers will always be on the hook to bailout banks, Mr Brown said.

"There have been proposals for an insurance fee to reflect systemic risk or a resolution fund or contingent capital arrangements or a global transactions levy," Mr Brown said.

The option most favoured by the prime minister is the levy, officials said.

Mr Brown's comments will take banks by surprise as most did not think a Tobin tax was on the mainstream political agenda.

A possible Tobin tax sparked outrage when it was raised in August by Lord Turner, chairman of the Financial Services Authority.

Lord Turner had argued that if banks’ behaviour could not be curbed by higher capital requirements, governments could consider taxes on financial transactions.

A tax on financial transactions was first suggested by the American economist James Tobin in the early 1970s, but the lack of interest in Washington and London meant it never gained traction.

One of critics' main arguments is that the tax would have to be global, otherwise banks would take flight to more lax regimes.

A revivial of the Tobin tax idea would have to be backed by international consensus, Mr Brown said. "Britain will not move unless others move with us," he said.

The tax could be levied on every share, derivative and currency transaction a bank carries out.

A levy of £5 on every £10,000 of transactions would raise £415 billion a year, academics have estimated.

Governments may want to use that money to replenish the public finances or to create funds which could be used in the future to finance bank bailouts. Non governmental bodies have also called for some of the money to be used for charity.

Oxfam welcomed Mr Brown's comments. Mark Lawson, Oxfam's senior policy adviser, said: "A tax on banks would be a major step towards clearing up the mess caused by their greed. The G20 has a responsibility to act. Money raised by a financial transaction tax on banks could make a massive difference to the lives of ordinary people."

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