A senior HSBC executive has dismissed concerns that the bank may relocate its headquarters from London due to anticipated tax hikes in the upcoming budget, insisting there is no immediate pressure to move. The bank’s chief financial officer rejected suggestions that shareholders—particularly in its key Hong Kong market—are pushing for such a shift, despite warnings from industry lobbyists that higher tax burdens could encourage financial institutions to reconsider their UK operations. Meanwhile, a major lender has reported a sharp rise in profits, adding to speculation about how financial firms will respond to potential fiscal changes. The latest developments come as policymakers weigh the balance between revenue needs and the risks of driving business overseas.
As John Healey’s budget decision looms, lender reports 32% rise in profitsBusiness live – latest updatesA top executive at HSBC has tried to quash speculation that the bank could move its headquarters out of the UK over tax increases expected to be announced in Wednesday’s budget.HSBC’s chief financial officer, Pam Kaur, said there was “no pressure”, particularly from shareholders in its cornerstone Hong Kong market, to shift out of London despite lobbyists warning higher tax bills could drive big banks’ business abroad. Continue reading...
