New PM faces a tight fiscal squeeze with billions missing from government accounts, forcing tough choices—potentially targeting the City of London’s banks for new taxes. With public resentment toward big banks and soaring profits under high interest rates, the finance sector looks like an easy revenue source. But taxing banks could strain the UK’s global financial hub status and upset a delicate economic relationship. While the government seeks billions to fight the cost-of-living crisis, banks warn that even modest tax hikes could hurt competitiveness and jobs. The Chancellor, though, signals a cautious approach, acknowledging the City’s vital role in the economy.
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