City Of London
UK to Cut Surcharge on Bank Profits to 3% to Keep Industry Competitive
- Aim to shield banks from bulk of planned rise in corporate tax
- Two people familiar with matter comment on chancellor’s plans
Jeremy Hunt
Photographer: Chris J. Ratcliffe/BloombergThis article is for subscribers only.
Chancellor of the Exchequer Jeremy Hunt plans to cut a surcharge on UK bank profits, effectively shielding them from the bulk of an increase in the country’s corporate tax rate as the government tries to preserve the competitiveness of Britain’s finance industry.
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