TEN European Union countries announced agreement today to introduce a financial transaction tax from 2016 to curb speculation and raise revenues after governments had to bail out private banks.

Countries including Germany, France, Italy and Spain revealed their plan in a joint statement on the sidelines of a meeting of the 28-nation bloc’s finance ministers.

They will initially tax only the trading of shares and some derivatives — much less radical than suggestions by supporters of a “Robin Hood” tax.

The EU estimates that a broad levy could yield €30 billion (£24.6bn) in annual tax revenues.

European officials started pushing for the tax, which has been opposed outright by Britain’s conservative coalition government, after the 2008-09 financial crisis.

Slovenia had previously pledged to introduce the tax, but its finance minister did not sign up because his government resigned on Monday.