The City of London has welcomed measures in today’s mini-budget, backing the scrapping of bankers’ bonuses and freezing of cooperation tax hikes.
Policy Chairman at the City of London Corporation Chris Hayward responded to Kwasi Kwarteng’s fiscal statement today, which included a raft of changes from planning and benefits to stamp duty and national insurance.
He welcomed the move to freeze the cooperation tax rate at 19 per cent, saying it “sends a signal that we want to remain internationally competitive. It will help businesses unlock investment and I very much welcome it.”
“The sector and the City are a key engine of growth for the UK economy and this measure will support us in continuing to create jobs and drive investment across the country.”
“The financial and professional services sector contributes £100 billion in taxes annually. Banks have been taxed at a higher rate than other parts of the UK economy since 2015 due to the corporation tax surcharge.”
He also backed the scrapping of the cap on Bankers’ bonuses, which “will reaffirm the UK’s status as the world’s financial services centre.”
He however urged pay in the sector to “reflect performance and take account of the wider economic environment.”
Hayward said it “will give banks the flexibility to recognise strong performance and show restraint when necessary.”
“It demonstrates we are open for business.”
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