Mr Osborne also made it clear that he expects the major banks to sign a new code of practice on tax avoidance.
So far only four of the 15 leading banks operating in the UK have joined up, but the chancellor says he wants all of them to do so by the end of November.
The code calls on banks to ensure that their tax and the tax obligations of their customers are observed – and that they do not go out of their way to avoid tax for themselves or clients
Source – BBC News
