Business

City of London Tries to Divert Hunt From Tax Raid on Banks

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Plans by new UK Chancellor Jeremy Hunt to impose some form of windfall tax on UK banks, as the Financial Times reports, are likely to be realized, with consensus 2022-23 pretax profit for the big four — Lloyds Banking Group, HSBC, Barclays and NatWest — up £10 billion this year. An increased bank-tax surcharge, from 8%, and reduced interest on paid desposits held at the Bank of England are two looming threats. 



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