Bankers want UK to appear friendly

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Bankers want UK to appear friendly

Wed 5th Mar 2008

The British Bankers Association (BBA) has called on the government to use the upcoming budget to restore international businesses' confidence in the UK.

Chief executive Angela Knight voiced concerns that recent proposed tax changes are discouraging foreign firms from investing in Britain.

In the face of fierce competition from other centres of international finance, such as New York, she called on chancellor Alistair Darling to take a more proactive approach to attracting business to this country.

Ms Knight also noted that over the last 25 years good regulation and a favourable tax regime for the financial services industry has been the norm in the UK, but that is now being challenged.

If the government fails to act now, she warned, it could damage the country's economy, in particular its global banking industry.

"Banking is already the largest single taxpayer and contributes more than £50 billion to the economy," she said, before adding that "taxation is not simple and changes cause unintended consequences".

Last week the BBA urged the chancellor not to change the law on non-domiciled residents, who are given tax-breaks, warning they are vital to the UK's future economic growth.

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