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Rise in taxes on banks would pose risk to UK growth, warns boss of HSBC
The Guardian
|July 31, 2025
The boss of HSBC has joined a growing chorus of bankers cautioning Rachel Reeves against increasing taxes on banks in her autumn budget, warning that it risked "eroding" investment and ultimately harming UK growth.
Georges Elhedery, HSBC's chief executive, said banks in the UK were already subject to the highest level of taxes on profits compared with other sectors, and paid more than in most other countries.
He added that placing further financial pressures on lenders could spell trouble for the UK economy.
This story is from the July 31, 2025 edition of The Guardian.
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