(BBC): The European Commission has backed plans from 10 countries to launch a financial transactions tax to help raise funds to tackle the debt crisis. The 10 countries include France, Germany, Italy and Spain. The nations want to push ahead with the tax after failing to win support from all members of the European Union. The UK has been especially vocal in its opposition to the tax, which it feels would hit the City of London particularly hard. The remaining countries that have signed up to the tax are Austria, Belgium, Greece, Portugal, Slovakia and Slovenia.

"I am delighted to see that 10 member states have indicated their willingness to participate in a common financial transaction tax (FTT)," said Commission President Jose Manuel Barroso.

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