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Bank Loan: Only four UK banks have signed up for tax conduct code

Only four of the UK's largest banks have signed up to the government's code of conduct on tax avoidance, it has been revealed.

Chancellor George Osbourne admitted that eleven major firms are yet to sign the voluntary code of practice, which was initially implemented by former chancellor Alistair Darling.

Of the three banks to have been bailed out by the state, only Royal Bank of Scotland has signed up to the code, which forces banks to ensure their tax obligations are met.

So far, 41 per cent taxpayer-owned firm Lloyd's Banking Group and Northern Rock have yet to join the initiative, along with other high-street banks such as Barclays, Santander and HSBC.

Mr Osbourne has claimed that he will force the remaining banks to sign up by November.

"At the best of times tax evasion is unacceptable. At a time like this it is immoral," he told BBC One's Andrew Marr Show

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800124831-ADNFCR

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