Barclays CEO Accepts Higher Bank Taxes Will Be ‘Bearable’
CS Venkatakrishnan, CEO of Barclays, has indicated acceptance of anticipated bank tax increases, set to feature prominently in Chancellor John Healey’s upcoming budget. In response to questions about potential shifts in Barclays’ investments due to higher taxes, Venkatakrishnan expressed unwavering support for the Chancellor.
He acknowledged, “I recognise that the Chancellor and the government have a vital duty to balance numerous considerations. I respect the weighty responsibility on his shoulders and wish him well.”
Venkatakrishnan added that while half of Barclays’ revenue comes from operations outside the UK, the tax burden is “bearable.” However, he emphasized the importance of proportionality and market signaling in this context.
Despite pushback from banking executives against tax increases, including warnings from JP Morgan’s Jamie Dimon about scrapping plans for a new £3bn London headquarters if the UK government turns hostile towards banks, Barclays appears prepared to navigate the changes.
Healey Aims to Counter Claims on Labour’s Growth Policies
In a recent interview, Chancellor John Healey asserted that his forthcoming budget will challenge assertions by former Bank of England economist Andy Haldane, who questioned Labour’s ability to foster growth.
Healey described himself simply as “Labour,” dismissing the notion of a unique “Healeyism” and reaffirming his commitment to supporting businesses. He acknowledged the pressures on entrepreneurs due to burdens imposed by the government, vowing to address them during his upcoming budget presentation.
As for the cost of doing business, he emphasized that reducing these costs is as crucial as addressing cost-of-living concerns for families. Healey’s focus appears to be on ensuring businesses can thrive in a challenging environment, contrasting with criticisms of previous Labour administrations.
Crime Rates Show Divergence: Robbery Increases Amid Overall Decline
The Office for National Statistics has released its latest crime figures, revealing a 10% increase in robbery rates, despite a general decline in crime across England and Wales over the last decade. While incidents against individuals have dropped, areas such as fraud remain notable exceptions.
The report underscores discrepancies between experiences reported by the public and official crime statistics, highlighting ongoing concerns about specific types of crime even as overall figures improve.
These figures come against a backdrop of discussions surrounding broader public safety and policing strategies, further emphasising the complexities of addressing crime in the current climate.
