IMF suggests UK should cut spending rather than raise taxes on banks, as Healey prepares budget raid – business live

Rolling coverage of the latest economic and financial news John Healey poised to raise taxes on banks in budget The Confederation of British Industry has suggested John Healey should avoid “further sector-specific taxation”, such as a bank tax.

Louise Hellem , chief economist at the CBI , said: “The financial services sector is vital to driving investment, innovation and business growth across the economy.

Government has set the right direction through its Financial Services Growth and Competitiveness Strategy and the Leeds Reforms – the priority now is delivery.

“The autumn Budget should set the agenda for a competitive and predictable environment that turns those reforms into tangible progress, unlocking domestic investment, deepening UK capital markets and helping more firms to scale and grow.

“People too often see them as big, distant financial institutions, when they are hardwired into the economic fabric of this country and our future prospects.” Continue reading...