A financial transaction tax suggested by the European Commission has been met with resistance in London, causing British bank share prices to drop sharply.
It is estimated that the tax would raise approximately £50bn, but British officials have expressed concerns that up to 80% would be taken from the capital of England, leading them to term it a 'tax on London'.
Jose Manual Barroso urged countries to become involved, emphasising the need for unity and togetherness to fight the global financial crisis, and particularly the economic challenges posed by Greece's precarious position.
Other EC executives made clear their confidence in the tax facilitating the fair "contribution" of the financial sector towards solving current economic difficulties.
http://thenewsportal.net/?p=1217588
Source:
http://www.bbc.co.uk/news/business-15090761
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