Balls and Osborne in first commons clash

The Chancellor, George Osborne has faced the new shadow chancellor, Ed Balls, in the Commons for the first time - hours after Mr Osborne announced he was increasing the levy on banks to raise an extra £800m this year for the Exchequer.

The tax on transactions was introduced in last year's Budget and was due to be phased in, but will now begin at the full rate. Mr Balls started by paying tribute to the former shadow chancellor Alan Johnson.

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