Once seen as hostile to banks, Britain’s Labour has courted lenders in recent years as it attempts to gain power, yet some of the left-leaning party’s policies are still expected to hit the sector’s profits if it wins next month’s election. Leader Keir Starmer has won plaudits among business-owners and financiers with promises of stability and a more balanced approach towards taxation of the financial and professional services sector, which contributed more than 110 billion pounds ($139 billion), or 12.3%, of total UK tax receipts in 2023. But the party is still expected to lean on the industry to improve the financial resilience of households and consumers, many of whom have suffered disproportionately from more than two years of mortgage market volatility and a cost of living crisis.

​  Once seen as hostile to banks, Britain’s Labour has courted lenders in recent years as it attempts to gain power, yet some of the left-leaning party’s policies are still expected to hit the sector’s profits if it wins next month’s election. Leader Keir Starmer has won plaudits among business-owners and financiers with promises of stability and a more balanced approach towards taxation of the financial and professional services sector, which contributed more than 110 billion pounds ($139 billion), or 12.3%, of total UK tax receipts in 2023. But the party is still expected to lean on the industry to improve the financial resilience of households and consumers, many of whom have suffered disproportionately from more than two years of mortgage market volatility and a cost of living crisis. 

​Read More

RELATED ARTICLESMORE FROM AUTHOR