European banks storing €20bn a year in tax havens

Barclays and HSBC among banks booking money equivalent to 14% of annual profits in offshore entities

Leading European banks are booking around 20bn (17bn) a year - equivalent to 14% of their total profits - in tax havens, with Barclays, HSBC and NatWest Group among those enjoying the lowest tax rates, according to a new report.

The figures emerge from an analysis, conducted by the EU Tax Observatory, of 36 big banks required to publicly report country-by-country data on their activities.