A banking industry lobby group has faced criticism for allegedly manipulating data to downplay the impact of potential tax increases in the upcoming budget, omitting comparisons with major competitors like Paris. The report, commissioned by UK Finance—which includes major banks such as Lloyds, JP Morgan, and Revolut—aggregates various taxes paid by financial institutions but has been accused of selectively presenting figures to suggest London would lose its edge as a global financial center. Campaigners argue the exclusion of key rivals distorts the true picture, raising questions about transparency in the group’s claims. The dispute highlights tensions over how tax policies could affect the UK’s financial sector competitiveness.
Lobby group’s figures, shared with John Healey, are misleading as they do not include major rival Paris, say campaignersA banking lobby group has been accused of cherrypicking data and trying to mislead the British government by claiming a tax rise for banks at next week’s budget would leave London less competitive than rival financial hubs.UK Finance, which represents banks including Lloyds, JP Morgan and Revolut, commissions an annual report tallying up all the taxes shouldered by a large bank, including corporation tax, social security, VAT and bank-specific levies. Continue reading...
