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Chancellor Summons UK Bank Chiefs Amid Industry Calls Not to Hike Taxes
- Chancellor John Healey summoned executives from Britain's largest lenders to a meeting next Tuesday, October 6, ahead of his autumn Budget statement, amid growing industry concerns regarding potential tax increases.
- Industry leaders fear that targeting lenders with a tax raid could damage investment and confidence in the City. UK Finance chief executive David Postings warned an "increasingly cumulative tax burden" threatens the UK's position as a global financial hub.
- Invitations reportedly went to bosses at Lloyds Banking Group, Barclays, HSBC, NatWest Group, Santander, and Nationwide Building Society. JP Morgan chief executive Jamie Dimon warned that hiking surcharges on bank profits could drive investment to other countries.
- The Trades Union Congress and campaign group Positive Money have urged Healey to increase taxes on bank profits, arguing these funds could help bolster vital cost-of-living support for households across Britain.
- Observers await the Budget statement to see how the government balances these conflicting demands. The Treasury declined to comment on reports, maintaining its policy of not discussing speculation surrounding the upcoming Budget.
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Chancellor summons UK bank chiefs amid industry calls not to hike taxes
The prospect of lenders being targeted with tax hikes has prompted industry leaders to voice concerns.
·London, United Kingdom
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Healey summons bank chiefs as City warns against Budget tax raid - London Business News
Chancellor John Healey has summoned the bosses of Britain’s biggest banks for talks ahead of the autumn Budget, as pressure mounts on the government to raise taxes on lenders while… The post Healey summons bank chiefs as City warns against Budget tax raid appeared first on London Business News
Coverage Details
Total News Sources10
Leaning Left2Leaning Right1Center2Last UpdatedBias Distribution40% Left, 40% Center
Bias Distribution
- 40% of the sources lean Left, 40% of the sources are Center
40% Center
L 40%
C 40%
R 20%
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