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The Budget and the Banks

Ian Sandles Executive Director at Nomura and President of the Bankers Taxation Circle analyses the impact of the Budget on the banking sector
American journalist John B Bogard is reputed to have coined the saying 'If a dog bites a man it's not news. If a man bites a dog it is news.' Similarly if the banks pay billions of pounds in corporation tax and even more billions of pounds in employees' and employer's National Insurance on bonuses and yet more billions in indirect taxes this isn't news. But if the tap runs dry it is news. In the last 18 months or so the tax tap has run dry from the banks. The Centre for Economics and Business Research has predicted that the total tax...

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