Jose Manuel Barroso
Media playback is unsupported on your device
Video

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."

  • 28 Sep 2011
Go to next video: Barroso calls for greater integration