The European Commission has welcomed plans by 10 nations to impose a tax on financial transactions, a controversial measure also known as a 'Robin Hood' tax.

Countries including France, Germany, Italy and Spain are pushing ahead with the levy, despite a failed attempt to introduce it EU-wide in June.

The tax would see a small fee charged on transactions of currencies, bonds and shares traded by financial institutions.

The UK has vigorously opposed the tax, saying it would have a disproportionate impact on the City of London.

Other countries signing up to the plan 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.

"This tax can raise billions of euros of much-needed revenue for member states in these difficult times.

The Commission estimates such a tax could raise €57bn euros - around £46bn - a year, if it were applied across the whole EU.

"This is about fairness - we need to ensure the costs of the crisis are shared by the financial sector instead of shouldered by ordinary citizens," Barroso said.

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