Sunak to cut tax on banks to keep City competitive, say reports
Rishi Sunak is preparing to announce a tax cut for Britain’s biggest banks at next week’s budget to maintain the competitiveness of the City of London after Brexit, according to reports, despite plans to raise taxes on workers.
Ahead of the setpiece budget and spending review next week, the Financial Times said the chancellor planned to slash the corporation tax surcharge imposed on the banking industry by more than 60%, taking the levy from its current level of 8% to just 3% from April 2023.
The development comes after Sunak had warned the Tory party conference this month that the time for tax cuts would need to wait until the public finances are placed back on a sustainable footing, amid record levels of government borrowing incurred during
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