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TUC call to UK banks

There’s a new call for United Kingdom banks to disclose their activities in offshore jurisdictions – this time from trades unions.

The TUC says Lloyds, RBS, HSBC and Barclays have more than 1,000 subsidiary companies between them in the offshores.

In a list of tax havens produced by the TUC, the Isle of Man is the ninth most popular jurisdiction for banks to set up firms.

General secretary of the TUC Brendan Barber (pictured) says because the UK government holds stakes in many such locations, and stands ready to bail out others, the country's taxpayers have a right to know the full extent of bank activities and liabilities elsewhere.

There is some good news, as the TUC says it accepts not all subsidiaries in offshore jurisdictions are necessarily used for tax avoidance.

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