Barclays boss: Curb public pay to avoid bank tax hikes

BARCLAYS’ chief executive has called on the Government to rein in pay rises for public sector workers and to avoid increasing taxes on banks, ahead of the Autumn Budget.

- By Maria Ward-Brennan

CS Venkatakrishnan said: “We need to find a way to curb wage inflation.” Last month, the Office for National Statistics reported that public sector pay growth outpaced the private sector.

The Barclays boss emphasised the need to cut expenditure at government level.

Speaking to the Financial Times, Mr Venkatakrishnan directed his frustrations at raising taxes on British banks and said: “UK banks are taxed more than banks anywhere else, how much more are you going to squeeze this?”