{
  "id": 16739474,
  "title": "HSBC ‘encouraged’ by Burnham agenda despite tax threat and growth downgrade",
  "url": "https://urgent.news/2026/10/27/hsbc-encouraged-by-burnham-agenda-despite-tax-threat-and-growth",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-27T10:56:48.000Z",
  "source": {
    "name": "City AM",
    "slug": "city-am",
    "url": "https://www.cityam.com/hsbc-very-encouraged-by-burnham-agenda-despite-tax-threat-looms/"
  },
  "original_language": "en",
  "account": "HSBC’s finance chief, Pam Kaur, expressed her encouragement towards Andy Burnham’s agenda, despite the bank reducing its UK growth forecast ahead of a possible tax increase. Kaur stated that the UK is HSBC’s home market, and the focus is on supporting customers' growth ambitions. However, Kaur was reluctant to speculate about the potential tax threat at the Budget, claiming she would wait until the day before delivering the Chancellor's statement. Chancellor John Healey will present his first major fiscal event on Wednesday, where he is anticipated to target the banks for financial assistance as he aims to restore the budget. Banks are subject to various sector-specific levies in the UK, including a 3% surcharge on corporation tax, making the effective rate 28%. It is expected that a 5% increase would generate approximately £2bn per year for the Treasury. HSBC has also lowered its UK growth projection for 2027 to 1.1% from 1.2% in August, and from 1.4% at the beginning of the year. This decline is attributed to deteriorating economic conditions, including higher inflation, interest rates, and their impact on consumer spending and the housing market. HSBC is prepared to adjust its lending strategy based on the reactions of businesses and customers. Despite a headline profit of $9.6bn, HSBC reported $18.6bn in revenue, which fell short of the forecasted $18.9bn. The shortfall was primarily due to underperformance in banking net interest income, which was about $11.6bn, roughly $247m below expectations.",
  "summary": "HSBC’s finance boss said the bank is “very encouraged” by Andy Burnham’s agenda, despite slashing its UK growth forecast ahead of a potential tax raid. Pam Kaur, HSBC’s chief financial officer, said: “The UK is our home market, our focus in the UK is supporting customers with their growth ambitions.” But when asked about a [...]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}