Graphic of Jose Manuel Barroso
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UK to resist transaction tax on EU members

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".

Gavin Hewitt reports.

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