Alistair Darling, Britain's finance minister, has announced a new tax on bankers' bonuses, imposing a 50 per cent levy on payments of more than $40,000.

The new tax will be paid by the banks, not by individuals, in a move to discourage excessive payouts. Some experts say the government's plan for a one-off tax on bank bonuses may make London a significantly less attractive plan for foreign banks to do business.

Al Jazeera's Tim Friend reports from England's capital where many city traders are furious because of the new tax.