High taxes are hitting competition, say midsized UK banks
UK banks have warned City minister Andrew Griffith that taxes on the sector are disproportionately hitting midsized lenders and hindering competition in the banking market.
Banks including TSB and the Co-op Bank attended a meeting at the Treasury on Thursday to discuss a range of questions, including the tax surcharge that is applied to banks’ profits.
The meeting was held just before Liz Truss announced she would quit as prime minister and came ahead of the “Big Four” high-street banks announcing third-quarter earnings.
This story originally appeared on: Financial Times - Author:Emma Dunkley
