UK’s Sunak sees no big hikes to bank taxes

Delivering his annual Mansion House speech alongside the BOE Governor Andrew Bailey on Thursday, the UK Finance minister Rishi Sunak said he believes that the taxes on the nation’s banking sector should not increase by much.

Key quotes

"Our ongoing conversations have only reinforced my view that the combined tax rate on UK banking profits should not increase significantly from its current level.”

“Britain planned to conclude a review on capital markets and insurance regulation this year as planned.”

Related reads

• GBP/USD flirts with multi-month lows, below 1.3800 mark
• BOE’s Bailey: Reasons for view of transitory inflation are well-founded