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Catherine McKinnell MP, Labour's Shadow Exchequer Secretary to the Treasury, responding to the Daily Telegraph's reports about HSBC, said:

"These are very serious allegations. The Chancellor must ensure that HM Revenue and Customs and the FSA investigate this quickly, have the resources they need to do so and take any action required.

"We have been calling for more transparency in tax havens, but the Government has so far been too slow to act. And this case underlines why we need major culture change in our banks as well as a much tougher approach to tax avoidance and evasion."

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