Is London really the most-taxed city? Banks accused of cherrypicking data
Lobby group’s figures, shared with John Healey, are misleading as they do not include major rival Paris, say campaigners A 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,…
UK Finance, a banking lobby group, has been accused of selectively including data to mislead the British government according to campaigners. The lobby group's annual report, which lists London as the most tax-intensive city for banks with a "total tax rate" of 46.2%, has been challenged by groups such as the Trades Union Congress (TUC) and Positive Money.
The TUC argues that Paris, a rival financial hub, should be included in these comparisons as it could charge up to 11.1 percentage points more in taxes, with a rate of between 51.6% and 57.3%. The TUC's Paul Nowak said the omission of Paris is "cynical" and attempts to make a "misleading case against fair taxes". The lobby group claimed it could not produce a "robust like-for-like figure" using the model bank, but campaigners believe this is a deliberate move to protect the financial sector.
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