Santander CEO Ana Botín criticizes UK bank taxes as economically senseless
By
Richard Murphy
5d ago· 7 min readenNews
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Summary
Santander CEO Ana Botín criticizes the UK's bank taxes, arguing they unfairly single out banks despite already paying ~30% corporate tax and not earning windfall profits. She warns that further tax hikes could come if the UK shifts to a more left-wing prime minister. The article presents her argument that banks are being unfairly targeted compared to other sectors with higher profit margins.
Key quotes
· 3 pulledThe question is, why single out the banks in particular and impose additional taxes?
We already pay a corporate tax rate of around 30 per cent, our profit margins are nowhere near those of monopolistic players, and we're not reaping windfall profits.
If policymakers are looking for sectors earning outsized returns, there are other...
As the FT has noted:
Santander chief Ana Botín has hit out at the UK’s bank taxes, saying the regime “makes no economic sense” as lenders brace for a further hit if Sir Keir Starmer is replaced by a more left-wing prime minister.
As they added:
Botín said
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