EU transaction tax 'in place by end of year'

A European financial transaction tax will be in place by the end of year, a French minister has claimed.

French minister for European affairs Jean Leonettie said the tax is on the programme for the next EU summit on January 30.

Mr Leonetti said France and Germany are already in agreement on the tax and of the 27 members of the EU, only Britain and Sweden are opposed to the idea.