"Venkatakrishnan said that, while the government needed to restrict rising public sector wages, the inflationary impact of pay rises was an issue across the UK economy. While UK wage growth has slowed in recent months it is still running at an annual rate of 5.7% in the public sector, excluding bonuses. Private sector wage growth is running at an average of 4.8%."
"I hope it's an extremely low possibility, said Venkatakrishnan. London is a great global financial centre and the path to growth does not lie to taxing the sector even more. I have had the view from day one that this is a government that is pro business and particularly pro the financial industry. He claimed the UK banks had, in effect, a total tax rate of about 46% last year, compared with 28% in New York and 29% to 39% in the EU."
The UK government needs to curb expenditure and find a way to curb wage inflation. Rising public sector wages remain at an annual rate of 5.7% excluding bonuses, while private sector wage growth averages 4.8%. Public sector pay rises should be restricted to limit their inflationary impact across the economy. The banking sector should not face further taxation, given higher UK bank tax levels. Calls for a windfall tax on large lenders spooked investors and cut combined market value of major banks by more than 6bn last month. Barclays reported 5.7bn in pre-tax profits in the UK last year. UK banks faced an effective total tax rate of about 46%.
Read at www.theguardian.com
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