John Glen says UK financial services needs 'competitive tax rates' - reports

8% tax surcharge

City minister John Glen has said that maintaining the competitiveness of the UK’s financial services sector relies on “competitive tax rates” and that this is “on the chancellor’s mind”, according to the FT.

The sector is currently subject to an 8% tax surcharge, which was introduced in 2015, on top of the corporation tax rate of 19%. While the economic secretary to the Treasury said he could not promise that Chancellor Rishi Sunak would cut the 8% surcharge in his next Budget, Glen did say that Sunak was "thinking very carefully" about the tax rates that apply to UK financial services firms. In an interview with the FT, Glen said: "To be competitive, we have to have competitive tax rates and that is what is on the chancellor's mind at the moment." Sunak announced a hike in corporation...