Officials in Britain have raised objections to a European Commission proposal for a new tax on financial transactions.
The commission proposed the new levy to make banks contribute more to help indebted governments.
Commission president Jose Manuel Barroso says the financial sector has been bailed out by taxpayers and should now make a fair contribution.
The tax would raise about €57 billion a year and would come into effect at the start of 2014, the BBC reports.
A tax of 0.1% would be levied on all transactions between institutions in which at least one party was based in the European Union.
City of London officials have said that about 80% of the revenues of any Europe-wide financial tax would come from London.
A spokesperson for the UK Treasury said it would "absolutely resist" any tax that was not introduced globally.
A BBC correspondent says that, while dealers and investors in financial products such as derivatives and bonds were not happy about the proposal, share dealers were more relaxed as the tax would cost less then the existing stamp duty, which the tax would replace.