A Code of Practice on taxation for banks, along with a package of measures to reduce the impact of any future failure of systematically important investment banks, was announced by chancellor Alistair Darling in the pre-Budget report. The Code of Practice on taxation for banks aims to encourage banks to comply with the spirit as well as the letter of the law. According to the Treasury, the code encourages clearer norms for behaviour, commitments to fairness, and responsible behaviours facilitated through open and transparent relationships between banks and HM Revenue & Customs. The government expects all banks operating in the UK to adopt the principles set out in the code.