Chancellor summons UK bank chiefs amid calls not to hike taxes

(Alliance News) - Chancellor John Healey has summoned the chiefs of the UK's biggest banks for a meeting ahead of his autumn Budget statement, amid growing calls from the industry to avoid targeting lenders with a tax raid.

The meeting will take place in person next Tuesday, Sky News reported.

Reports said the chief executives of lenders including Lloyds Banking Group PLC, Barclays PLC, HSBC Holdings PLC and NatWest Group PLC have been asked to attend, along with invitations to the bosses of Santander UK and Nationwide Building Society.

The Treasury did not comment on the reports and has indicated that it does not comment on speculation or proposals surrounding the Budget.

Trade association Trades Union Congress and campaign group Positive Money have both called on Healey to increase taxes on the profits of Britain's banks, arguing that the money raised could help bolster cost-of-living support for households.

The prospect of lenders potentially being targeted has prompted industry leaders to voice concerns that such measures could damage confidence and investment in the City.

David Postings, the chief executive of UK Finance, said in a recent report that the "increasingly cumulative tax burden" on the financial sector threatens to gradually erode the UK's position as a global financial hub.

"If we want the UK to thrive, we must ensure our operating environment attracts international capital rather than pushing it elsewhere," he said.

JPMorgan Chase & Co Chief Executive Jamie Dimon has also warned against hiking the surcharge on banks' profits, saying it could push investment to other countries.

By Anna Wise

source: PA

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