George Osborne under pressure to tweak bank levy in July Budget July 1, 2015 Self-fulfilling prophecy, wishful thinking, fantasy economics: call it what you will, but the prospect of George Osborne fulfilling the desires of Britain’s banks in next week’s Budget is, to say the least, remote. Misplaced expectations that the chancellor would announce a review – or even the abolition – of the bank levy in his [...]
HSBC lays down the gauntlet to George Osborne on bank levy as it mulls exit from UK June 9, 2015 HSBC moved a step closer to leaving the UK yesterday, piling pressure on chancellor George Osborne to take action to persuade the bank to stay. Chief executive Stuart Gulliver set out details of HSBC’s review of the location of its headquarters, looking at 11 different criteria, including taxes, the government’s attitude to finance, and [...]
Challenge set for Bill Winters on day one at Standard Chartered as UK domicile remains “under review” June 9, 2015 HSBC’s plan of action to review the location of its headquarters puts pressure on Standard Chartered’s new boss Bill Winters as he takes up the role today. StanChart is domiciled in the UK but carries out almost all of its business overseas, specialising in emerging markets. As a result it is set to [...]
Bank of England offical Martin Taylor: Regulation will not drive big lenders out of the UK May 26, 2015 The Bank of England will not back down on tough regulation, top official and ex-Barclays boss Martin Taylor said in a speech published yesterday, dismissing threats from banks like HSBC that they could leave the UK for more welcoming shores. Some in the industry have started to argue that banks are now safe, and [...]
UK banking’s falling competitiveness should worry the whole of the country May 14, 2015 Contrary to most expectations, we have a government. And although David Cameron might have felt he had it difficult in his first term as Prime Minister – dealing with a huge budget deficit while in coalition – this term also has its challenges. His majority is slim, there is the far from little matter of [...]
Tory MPs demand end to banker bashing: Bank levy debate hots up after historic Conservative election victory May 11, 2015 Conservative MPs and senior City figures want the new government to rein back punitive taxes aimed at banks and avoid weakening one of the UK’s most competitive industries. Shares in banks jumped on last week’s unexpected election result. Defeated Labour leader Ed Miliband had threatened major hikes to the bank levy, more bonus taxes and [...]
Standard Chartered warns compliance costs are mounting as it stays in the UK May 6, 2015 An increasing number of compliance staff are paid seven-figure salaries at Standard Chartered, the bank’s bosses told shareholders yesterday, as it battles to make sure it does not pay more mega-fines. The UK-based emerging markets specialist has been hit with fines for breaking US sanctions, and is increasingly beefing up its anti-money laundering teams. Chairman [...]
HSBC boss Stuart Gulliver warns George Osborne or Ed Balls tax hikes could drive bank from UK May 5, 2015 HSBC’S chief executive warned yesterday that the Conservative and Labour parties both risk driving the bank out of the country with tax hikes. The giant lender is looking at moving its headquarters out of the UK after more than 20 years in London, as its global business may be harmed by regulation and taxes. George [...]
Bank levy here to stay forever, says Osborne March 24, 2015 BRITAIN’S lenders face having to pay the bank levy forever, as the chancellor yesterday revealed that the crisis-era tax was here to stay. The levy was initially presented as a way to make banks pay for the crash, and to encourage them to shrink back down to a manageable size. But even when the deficit [...]
Analysts: Bank levy could drive Standard Chartered abroad March 23, 2015 George Osborne’s major new hike in the bank levy could prompt Standard Chartered to leave the UK, analysts at JP Morgan said yesterday, as the tax puts it at a disadvantage against global rivals. Such a move – to a location such as Singapore or Hong Kong – could take two or more years and cost [...]