UK to "resist" European Commission financial transaction tax

Bank shares have fallen in London after the UK said it would "resist" a financial transaction tax on EU members proposed by the European Commission.

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

UK Foreign Secretary William Hague has said the euro is "a burning building with no exits" for some of the countries which adopted the currency.

James Landale reports.