# London bank tax comparison challenged over omission of Paris figures

- URL: https://talkfuse.com/story/is-london-really-the-most-taxed-city-banks-accused-of-cherrypicking-data/
- Published: 2026-10-24T11:00:31+00:00
- Updated: 2026-10-24T11:17:44+00:00
- Original publisher: The Guardian (publisher lean: Left)
- Original article: https://www.theguardian.com/uk-news/2026/oct/24/banking-lobby-group-accused-cherry-picking-data-healey-tax-rise
- Topics: Business, Elections, Government, Politics, UK, World

## Key points

- UK Finance’s comparison puts London’s bank tax rate at 46.2%.
- Paris was left out of the comparison.
- Campaigners say higher bank taxes could raise £2.25bn annually.

## Summary

UK Finance says London has the highest tax burden among the financial centres in its comparison, and has cited this in arguing that a planned bank tax rise could make the city less competitive. Campaigners say the figures are misleading because Paris, a major rival, is missing from the analysis.

The report, prepared by PwC, puts London’s total tax rate for a model bank at 46.2%, against 42.2% in Amsterdam, 39.1% in Frankfurt, 29% in Dublin and 27.9% in New York. Guardian calculations reviewed by an accountancy firm estimate the comparable rate in Paris at 51.6% to 57.3%; UK Finance says it could not produce a robust like-for-like figure and kept the same five cities for consistency. The TUC says raising the bank surcharge from 3% to 8% could raise £2.25bn a year.

---
Summarised by TalkFuse (https://talkfuse.com/). Quote the original publisher for the reporting and link this page for the summary and discussion.