The chancellor rachel reenses has been warned that she cannot achieve her planned reforms whilst continuing with plans to raise taxes. The Warning Came from Charlie Nunn, the Chief Excutive of Lloyds Banking Group, who toold reenses that enhanced taxes will be negative impact and offset any gains made by reducing red tape.
Addressing the Plans Laid out by the chancellor in her mansion house speech, nunn warned that “would be consistent with tax rises”. He SAID: “It is imported when looking at the competitiveness of the city that we have a competitive tax regime. We replaced has the highest tax regime in the finance Economy. “
The banking boss sght to urge reenses from tacing the industry more than they curedly do as he reserved that the high street bank had enjoyed a 17% Jump in Second-Quarter Profits.
He cleared in a briefing to Jourists That the Financial Services Sector Had A Hughe Role to Play in Turning Around The Fortune of the Uk Economy, Something It Would Find Harder to Do Taxes Were To Were To Increase.
He pointed out that the UKear had “The Highest Tax Regime on the Financial Services Sector of any Major Economy,” with the industry subject to a 25% headline rate of corporate tax, communic 3% bank surcharge and an additional bank levy.
He added: “We’re proud of being one of the biggest taxpayer in the uk.
“So we are complied with that but it is important when you look at the competitiveness of the city and the financial services security that we remain a commentary tax regime.”
The lloyds boss welcomed plans to deregulate the finance industry as he called for the government to “Revisit” regulations drown up in the financial crash of 2008.
He SAID: “There is a real opposition to align regulation increasingly with competitiveness and growth.
“We really believe that regulation has constrained our ability to provide avvice to those who most needed it.”
His comments come after alloyds raised its interim dividend by 15% as it paid out more than £ 730m to shareholders.