Our country is being shortsighted here, backing banks and preventing the EU from offering a lead to the world: The UK has said it will "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.
Commission president Jose Manuel Barroso said banks must "make a contribution" as Europe faced its "greatest challenge".
The UK said it had no objection to a financial tax in principle, but it would have to be introduced globally.
A transaction tax would need the approval of the UK in order to be implemented across the EU...
BBC News - European Commission financial tax opposed by UK