Senior global bank executives told the Andy Burnham government they would shift
investment out of the UK if taxes on the sector rise, warning the move could
further damage London’s status as a financial centre. A survey of US, EU, Asian,
African and Middle Eastern lenders with large UK operations by the main banking
lobby found senior bankers saying they would be less likely to designate the UK
as their primary European hub as they did pre‑Brexit. The warning comes amid
concern over a proposed windfall tax in next month’s budget; Chancellor John
Healey is seeking revenue to offset the impact of higher borrowing costs from
the Iran war. David Postings, CEO of the bank lobby, said I think we have
already been taxed very heavily; going further would reach a tipping point and
be very dangerous for the government.
