Is London really the most-taxed city? Banks accused of cherrypicking data
Summary
A banking lobby group, UK Finance, claims London is the most-taxed major financial city, based on a PwC report they commission. However, critics say UK Finance left out Paris, a key rival, which may actually have higher bank taxes, raising questions about the accuracy of the group's data.Key Facts
- UK Finance represents big banks like Lloyds, JP Morgan, and Revolut.
- Their report shows London’s total tax rate on banks at 46.2%, higher than Amsterdam, Frankfurt, Dublin, and New York.
- Paris is not included in the comparison, despite being a major financial center.
- Independent calculations suggest banks in Paris face tax rates between 51.6% and 57.3%, higher than London.
- UK Finance said it could not create a fair comparison for Paris using the report’s bank model.
- Campaign groups criticize UK Finance for possibly excluding Paris to make London appear more heavily taxed.
- Trades Union Congress (TUC) and Positive Money support raising bank taxes in the UK to address windfall profits.
- The bank-specific tax surcharge in the UK could be increased from 3% to 8%, potentially raising £2.25 billion per year.
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