UK Treasury minister says her old job as City of London rep is ‘not a conflict’

LIVERPOOL, England — U.K. Treasury minister Emma Reynolds stated on Monday that her previous position as a top public affairs representative for the City of London is not a conflict, despite speculation that the government may raise taxes on banks at the next budget. In an interview with POLITICO, Reynolds mentioned that she gained valuable insights into financial services during her tenure as managing director of the financial trade body, TheCityUK, following her loss of her seat in 2019.

She rejoined Westminster in the 2024 general election. Reynolds described herself as not being an economist, but stated that her time with TheCityUK enhanced her understanding of economics and finance, enabling her to view matters from the perspective of large financial institutions, which she believes is beneficial. The City of London is actively opposing a windfall tax on banks, as the Labour Party aims to balance the budget.

When asked about the departure of billionaire Chris Rokos, who contributes £330 million annually in taxes to the U.K., Reynolds emphasized the importance of having rules in place. She stated, "We have to have rules. We want to create the very best conditions for growth, for entrepreneurship. But we have to have rules, and people who make a living here should pay taxes here."

The Treasury minister declined to comment on the government-wide budget, which is set to be announced in October, but affirmed that ministers are not powerless when it comes to addressing financial insecurity stemming from international crises. "We do face significant global economic challenges and a difficult geopolitical situation, particularly in the Middle East and Ukraine," Reynolds noted.

"However, we are not powerless to address these issues, and we will do all that we can, in line with what John Healey mentioned earlier, to provide families and businesses with breathing space."