Banks sign tax 'code of practice'

The UK’s 15 biggest banks have signed up to a code of practice on paying their fair share of tax, Nick Clegg has told MPs.

The Deputy Prime Minister said: “We want the banks to play not just by the letter of the tax law but by its spirit.”

At Commons question time he said 11 banks had agreed to the code in the last month, meaning all of the top 15 banks had signed up.