Balls criticises Osborne's bank levy

The Shadow Chancellor, Ed Balls, has criticised George Osborne's announcement that he is increasing the levy on banks to raise an extra £800m for the Exchequer.

The tax on transactions was introduced in last year's Budget and was due to be phased in, but will now begin at the full rate.

Mr Osborne first commented on the levy on BBC Radio Four's Today programme on Tuesday morning.

Mr Balls has attacked both the substance and nature of the chancellor's announcement.