Banks to pay 'fair share' under EU transactions tax

The European Commission on Wednesday (28 September) unveiled plans to slap a tax on financial transactions in the EU, a scheme that the EU executive hope will raise some €57 billion a year in revenues.

Jose Manuel Barroso, the president of the commission announced that the college of commissioners had adopted the proposal, long expected and dreaded by the City of London, during his state of the union address to the European Parliament in Strasbourg.

All financial transactions in w...