UK Bank boss demands policy stability before important budget

Bank heads in London have called for more policy clarification and stability that tax hike in the upcoming UK budget can hit the financial services sector.

Talking with CNBC’s Steve Sedgik and Ritika Gupta in London’s Canary Ghat district on Wednesday, Barclay CEO, City and JP Morgan said that the UK successfully completed the upheaval in April, which successfully completed the upheaval services brought by US President Donald Trump’s tariff upheaval, which was a strong corporate profitable and a better corporately services after watching a better corpore was with.

However, he took precautions even in front of the possible tax growth in the autumn budget of Finance Minister Rachel Reeves, set for 26 November.

In summer, it was Widely reported That Reaves was considering a bank windfall tax A multibillion-pound holes In public finance.

“Competition is an important part of development, which is really not good to feed the financial sector, as it prevents investment,” said Barkage CS Venkatakrishnan.

“It prevents competition, prevents development. We are sitting in the financial heart of London. London is one of the two great financial centers in the world. You need to encourage it to grow, not to exclude it from existence.”

Venkatakrishnan told CNBC that the UK government was “generally on the right path”.

But with the possibility of facing higher taxes than other countries of the country, he warned that “bank regulation including bank taxation, a harmonious, consistent approach to bank capitalization” is important in ensuring that institutions remain competitive.

“The world is our oyster, the UK is our home, and we have got to work with both,” he said.

EMEA Deputy CEO in JP Morgan and head of investment banking, Concern Hillary said that investors and companies want more certainty to invest, plan and acquire investment.

Hillary told CNBC in an interview on Wednesday, “The stability of policy and certainty is at a premium in parts of the world relative to others.”

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“In London, in particular, we’ve seen in the number of previous months, the increasing number of companies looking for the list in Britain,” Hillary said, recently declared £ 150 billion ($ 202 billion) was described as “Vote of Faith in UK” from American companies,

Speaking to CNBC at Canary Ghat on Wednesday morning, City UK CEO Tiana lasted, who said that markets were “impatient” for reforms and clarity.

Lee argued that Reeves recognized the important role played by banks in Britain’s development picture, but noted that any legislative change would take time to implement.

He said, “Chancellor has been extremely vocal at the steps that should be raised to maintain London’s competition as a global financial center,” she said.

To remain competitive, the UK drives come against pressure to resolve the budgetary deficit of £ 62 billion ($ 83.5 billion) for the Drive Revc’s office, which has triggered the speculation of election to the government for further possible tax growth. Britain’s economic growth was leveled in the month of July, expanding 0.3%after the second quarter GDP.

Back in JulyThe government made proposals to make London more competitive, avoiding “only two of the two of the two global financial centers”. Improvement in proposals, deepening relations with various markets of various markets from the US and China to the European Union and the Middle East, promoting retail investment culture and increasing funds for research in the region, especially for AI development.

“I think it is very clear that the government, and especially Chancellor, has actually provided financial services in the heart of development in the UK economy,” Lee said, seeing that the financial services sector contributes 10% of the UK tax income of the UK.

Asked if the city customers were looking to leave the UK to overtake any tax hike, Lee replied: “We are not hearing this.”

Accepting the challenging financial situation, Lee said that customers want the UK to remain a stable and competitive tax regime. “This is an important message that we continue to distribute to the government,” he said.

Financial service providers are not alone in their tax concerns. One Estimated 10,000 millionaires left London in 2024 To avoid a new tax regime focused on the city’s “non-dome” super rich.