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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.  

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