Shares in British banks were up on the FTSE 100 in morning trading as EU finance ministers meet to discuss the subject of taxation for banks.

While there is a considerable consensus among politicians that a levy should be imposed on the banks there are reportedly strong differences about the exact nature of the levy and how to use the proceeds of it.

By 10:20 shares in Lloyds Banking Group were up 0.61 per cent to 74.57 pence per share, RBS shares increased 0.55 per cent to 47.47 pence per share, Barclays shares rose 1.04 per cent to 302.70 pence per shares and HSBC shares climbed 0.98 per cent to 651.30 pence per share.

Overall the FTSE 100 was up 0.95 per cent to 5601.14.