Published by Alexander Bueso on 30th October 2022
(Sharecast News) - Two high-ranking sources near to the new Prime Minister and Chancellor gave short shrift to the idea that a new tax might be levied on lenders. Indeed, during his time as Chancellor, Rishi Sunak had looked at ways to bolster the City after Brexit, whereas bankers have been warning Jeremy Hunt that a tax raid would only hamstring such plans. Furthermore, government sources expect that Hunt will lower the current eight per cent tax surcharge on banks' earnings to three per cent, as had also been planned by Sunak, while raising corporation tax from 19 per cent to 25 per cent for a total levy on banks of 28 per cent. - The Sunday Times