John McDonnell MP, Labour’s Shadow Chancellor, responding to the reports today that seven leading UK-based investment banks paid little or no tax last year despite earning large profits, said:

“George Osborne has no serious answer to the problem of tax avoidance. And by closing 153 HMRC offices he gives the impression that he doesn’t really want to offer one either.

“We all know that it is those businesses and taxpayers who pay their fair share in tax who have to carry the burden for those who do not, so you’d think this would encourage this Government to take tax avoidance in the city seriously.

“If the Chancellor wants to demonstrate that he’s not in hock to the banks and city financiers then he needs to get a grip and make sure they pay their taxes appropriately.”