The European Union's executive formally proposed on Thursday a tax on financial trading in 11 countries to raise up to 35 billion euros annually, saying it was a first step to applying the levy across the whole bloc. The European Commission set out how its financial transaction tax (FTT), aimed at making banks pay for taxpayer help they received in the financial crisis, would apply from next January, the rate at which it would be set, and safeguards to stop avoidance. The plan was requested by 11 countries who represent two-thirds of EU economic output and have already agreed to voluntarily press ahead with the tax ... (full story)