Friday, January 30, 2009

UK banks must come clean on tax haven activities, says TUC

Britain's Trades Union Congress (TUC) has called on UK banks to come clean on their tax haven activities. A new press release of theirs says:

"The TUC is today (Thursday) calling on the Government to make the banks in which it has shares or who are receiving assistance from the Bank of England fully reveal their tax haven activities.

This follows a TUC analysis of company reports and returns which shows that the big banks have numerous subsidiaries in tax havens and that one, in an apparent breach of company law, has not revealed its subsidiaries.

The TUC research uses the same definition of tax havens as a study carried out for the US Senate by the US Government Accountability Office (GAO)" - see here.

The TUC report (click here - though see the press release for the text accompanying it ) was produced by TJN's Richard Murphy. The banks have responded, and Murphy comments on their responses, here.

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