City Corporation urges government to avoid harming UK financial and professional services at the Budget

News Release City of London Corporation 14 September 2026 City Corporation urges government to avoid harming UK financial and professional services at the Budget City of London Corporation Policy Chairman Chris Hayward urges the Chancellor to “do no harm” to financial and professional services at the Budget That means no more sector-specific taxes and protecting the VAT exemption for financial services to preserve the UK’s competitiveness City Corporation also seeks reforms to boost investment; a pro-growth approach to planning, and a pathway to reform taxation on equities The City of London Corporation is urging the government to “do no harm” to the financial and professional services sector at the Budget, arguing that the sector’s success is vital to delivering growth in every postcode. The sector is a key driver of economic growth, generating £323 billion in economic output and contributing more than £110 billion in annual tax revenues, equivalent to around 12 per cent of all UK tax receipts. It also supports 2.5 million jobs – two thirds of them outside London. UK banks already face higher tax rates compared with their peers in Amsterdam, Frankfurt, Dublin and New York 1 . In h

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