The heads of banks in the United Kingdom request the stability of politics before the critical budget

The heads of banks in London call for more clarity and stability in politics, amid fears that the tax increases on the horizon in the upcoming UK budget may reach the financial services sector.

Speaking to Steve Sydgek of CNBC and Rittech Gobta in the Canary Warf region in London on Wednesday, CEOs from Barclays, City and JP Morgan said the UK had succeeded in wandering in the turmoil he made with US President Donald Trump’s turmoil in April, with the vision of financial services since the profitability of the strongest companies.

However, they also expressed his envelope before the potential taxes in the autumn budget for the Minister of Finance Rachel Reeves, scheduled for November 26.

During the summer, it was It was widely mentioned Reeves was thinking about the surprise tax on the beach Millions of pounds In public financial affairs.

“Competition is an important part of growth, which is why milking actually on the financial sector is not good, because it suffocates the investment,” said CS Venkatakrishnan, CEO of Barclays.

“It suffocates the competition, suffocates growth. We sit in the heart of London.

Venkatakrishnan CNBC told the UK government “generally on the right track.”

But with the possibility that the country will face taxes higher than other countries, he warned that “a harmonious and consistent approach in banking organization and banking, including bank taxes,” is crucial in ensuring that institutions remain competitive.

“The world is our oysters, the United Kingdom is our home, and we must work with both,” he said.

Conor Heilri, CEO and Chairman of the Board of Directors for Investment, in Europe, the Middle East and Africa, at JP Morgan, said investors and companies want more certainty when it comes to making investment decisions, planning and acquisition.

“The stability of politics and certainty in installments in certain parts of the world for others,” Hilri told CNBC in an interview on Wednesday.

He said that London is still the “leading capital market in Europe”, adding that improving the activity of the deal in the UK has strengthened optimism in recent months, with the help of economic flexibility worldwide and relatively strong companies after the American introductory turmoil in the spring.

“In London in particular, we have seen over recent months, a growing number of companies looking to the list in the United Kingdom,” he said, describing what has been announced recently at a value of 150 billion pounds (202 billion dollars) from American companies as “a confidence in the United Kingdom.”

He also spoke to CNBC at Canary Wharf on Wednesday morning, CEO of Citi UK Tiina Lee, who said the market is “patience” for reforms and clarity.

Lee argued that Reeves realized the main role played by banks in the form of British growth, but indicated that any legislative changes would take a long time.

She said: “The counselor was very frank on the steps that must be taken in order to maintain the competitiveness in London as a global financial center.”

The UK campaign to remain a competition against pressure for the Reeves office to resolve a budget deficit of 62 billion pounds (83.5 billion dollars), which led to speculation about the government that chooses a set of potential tax increases. Britain’s economic growth in July, after the expansion of GDP in the second quarter by 0.3 %.

Again in JulyThe government has made proposals to make the UK’s financial services sector more competitive, and London narrates that it is “one of the really two global financial centers.” The proposals included reforming the organization, deepening relations with many markets from the United States and China to the United States and the states of the Middle East, which enhances the culture of retail investment and increased research financing in the sector, especially for the development of artificial intelligence.

“I think it was very clear that the government, especially the consultant, has already put in place financial services at the heart of growth in the economy in the United Kingdom,” he added, noting that the financial services sector contributes 10 % of tax income in Britain.

When asked if City’s clients were looking to leave the United Kingdom to move forward at any tax height, he answered me: “We do not hear that.”

He told me that recognizing the difficult financial situation want the United Kingdom to remain a stable and competitive tax system. “This is the main message that we continue to deliver to the government,” she added.

Financial service providers are not alone in their tax concerns. and An estimated 10,000 millionaires left London in 2024 To escape from a new tax system that focuses on “non -always” in the city.