Why U.K. Banks Are Worried About Life After Brexit
Britain’s largest banks are pressing Prime Minister Theresa May to lower their taxes as they ramp up efforts to win concessions to protect against the potential impact from Brexit. The U.K. should phase out its corporation tax surcharge on bank profits “as soon as possible,” the British Bankers’ Association said in a statement. The request, from the lobby group for domestic lenders like Lloyds Banking Group Plc and global firms in the country, comes as Chancellor of the Exchequer Philip Hammond strives to fill a ballooning budget deficit following the June 23 referendum on European Union membership. BBA Chief Executive Officer Anthony Browne discusses with Anna Edwards on "Bloomberg Daybreak: Europe."