City Of London
City of London Seeks Tax Reform, Trade Deal in Lobbying Push
- UK banks’ overall tax rate is uncompetitive, TheCityUK says
- Government should also hasten trade deal with Switzerland
Morning commuters cross London Bridge in the City of London, UK.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
The City of London has put tax and trade reforms among its wishlist for the finance industry, setting out its priorities ahead of the government’s Nov. 17 economic package.
Total tax on banks in the UK -- including corporate tax, an industry surcharge and other levies -- is 44.9%, notably higher than New York at 29.4% and Dublin at 30.2%, according to a report from TheCityUK lobby group. There “needs to be reform to the UK bank levy,” and the government “should also reconsider the status of the banking surcharge,” the report said.