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Lloyds bank under fire after Panorama revelations

At a time when Lloyds bank needs to keep its nose as clean as possible a number of revelations have been revealed after a BBC Panorama programme delved into the company's Jersey operation. It is alleged that the BBC programme filmed one particular Lloyd's employee in Jersey who explained to a customer how they could channel their savings income via Hong Kong to avoid the European Savings Tax Directive.

While the company has announced that this particular issue was a one-off and refuted the allegation that it may be more widespread in the company's offshore operations, it would appear that the damage has already been done. It is also highly embarrassing for the UK government when you consider that UK taxpayers have a 43% stake in the operation via the UK authorities. At a time when Gordon Brown and the rest of the government are looking to close as many tax loopholes as possible it seems as though one may still be operating on their doorstep with alleged advice from a banking company closely associated with the government.

So far the authorities have been silent on the issue although the government and regulators are sure to come under more pressure over the next few days.

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