Politicians and campaigners react as research reveals five major banks,including JP Morgan and Morgan Stanley, paid no 2014 corporation tax for their UK arms
Opposition politicians and tax campaigners possess expressed outrage after it emerged that some of the biggest and most profitable investment banks in the City of London paid small or no corporation tax last year.
Seven City banks paid a combined £21m in corporation tax in 2014, and according to research by Reuters on Tuesday. Between them the banks,together employing about 33000 mainly City workers, generated UK profits of £3.6bn on revenues of £21bn in the UK.
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Source: theguardian.com