UK banks to agree to code of practice

| October 17, 2010 | 0 Comments

Chancellor George Osborne has today announced that UK banks will have until next month to sign up to a code of practice, in a bid to get them to pay more tax.

Speaking to BBC television today, Mr Osborne said: “We are going to be looking at the code of practice that the banks were supposed to sign up to make them good taxpayers.”

According to 39-year-old Osborne, only four of the 15 major banks have signed the code which was introduced last year.

Mr Osborne added that legislation will be introduced this week, which will bring in a permanent bank levy - designed to encourage the banks to take fewer risks.

This particular tax differs from the previous Chancellor’s one-off bonus tax.

The moves come just days before Mr Osborne will provide details of how the Government intends to slash spending by £83 billion by 2014 as it endeavours to bring down the spiralling budget deficit.

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