EU commission proposes new tax

The president of the EU Commission, Jose Manuel Barroso has adopted a proposal for a financial transaction tax on EU members

The tax would raise about 57bn euros ($78bn; £50bn) a year and would come into effect at the start of 2014.

The UK has said it will "resist" proposed by the European Commission.

Mr Barroso said the tax "was a question of fairness" and that "the banking sector should make a contribution to society."

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