Charlie Nunn says higher taxation would be inconsistent with chancellor’s drive for growth
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The boss of Britain’s largest mortgage lender has warned Rachel Reeves that increasing taxes on banks in her autumn budget would damage Labour’s plan for the City of London to power an economic recovery.
Charlie Nunn, the chief executive of Lloyds Banking Group, said a rise in bank taxation “wouldn’t be consistent” with the chancellor’s overtures as the government pushes to reboot growth.
Against a backdrop of mounting speculation that Reeves could use her autumn budget to announce a fresh round of tax rises, his comments came as the high street bank reported a 17% jump in second-quarter profits.
