British PM backpedals on proposed financial transactions taxUnited States led a backlash against the so-called "Tobin tax"Russia, Canada, IMF and European Central Bank also criticized plan Gordon Brown, the British prime minister, rapidly backpedaled... Full Article at CNN

Levying a "transaction tax" on the frenzied activities of City traders and their rivals in the world's financial markets is not a new idea, but it may be one whose time has come. Full Article at Guardian Unlimited

Within hours of Mr Brown's speech, both the US and Canada rejected the plan Photo: EPA The Prime Minister used a speech at a meeting of G20 finance ministers in St Andrews to call for the new tax to fund future bank bailouts – despite previous... Full Article at The Telegraph