EURO TAX OPPOSED BY THE UK - FINANCIAL DOOM ON!

Bank shares have fallen in London after the UK said it would "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.

At close, Royal Bank of Scotland was behind by 3.64%, Lloyds Banking Group by 2.4%, and Barclays by 1.31%.

London would be hardest hit by the tax as the majority of banking transactions in Europe come through the city.

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[link to www.bbc.co.uk]