Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

The City's tax bill approaches pre-crisis high

The City's tax bill approaches pre-crisis high

The City paid £65 billion in taxes this year, the highest level since 2007 and an amount which equated to 11.7% of total government revenues in 2013.

Although slightly below the 13.9% of total government revenues that the financial services industry accounted for in the run up to the credit crunch, banks and other institutions are continuing to provide a key support to balancing the nation's books.

Rising salaries and bonuses in the City saw employment taxes paid rise by £700 million year on year to £28.4 billion, according to a report by PricewaterhouseCoopers for the City of London Corporation.

Chancellor George Osborne has been a staunch defender of the City and attempts by the EU to curb bankers' bonuses.  

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Kames' Roberts: how we're positioned for rising inflation

Kames' Roberts: how we're positioned for rising inflation

Kames Capital's head of fixed income David Roberts says inflation remains robust, leading the firm to build protection into its portfolios.

Play Sector Spotlight: Tilney Bestinvest's Louie French on ESG

Sector Spotlight: Tilney Bestinvest's Louie French on ESG

With global leaders committing to tackling climate change does this create a compelling investment opportunity? 

Play PCMR: Brexit - get ready for double-digit sterling depreciation

PCMR: Brexit - get ready for double-digit sterling depreciation

Gina Sanchez, founder and chair at consultancy ChanticoGlobal, says a Brexit would result in a 15% depreciation of sterling

Your Business: Cover Star Club

Profile: Quilter Cheviot's international boss on taking the firm global

Profile: Quilter Cheviot's international boss on taking the firm global

The term ‘vertical integration’ has lost much of its descriptive value in recent months through over-use and misuse

Wealth Manager on Twitter