Bank tax tumours have ramped up over the Summer.

Rachel Reeves has been handed a warning by top banking chiefs to prioritise stability for the financial services industry amid speculation of looming tax hikes.

The bosses of UK banking giants have cautioned the Chancellor on potential tax rises and stressed the sector must remain competitive.

Barclays’ boss CS Venkatakrishnan – known as the Venkat – warned: “Competition is an important part of growth, which is why actually milking the financial sector is not good, because it stifles investment.”

“It stifles competition, stifles growth. We are sitting in the financial heart of London. London is one of the two great financial centers of the world. You need to encourage it to grow, not tax it out of existence,” he told CNBC .

Venkat

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