Overview

• CS Venkatakrishnan told the Financial Times the government should curb wage inflation, with a focus on limiting public sector pay rises.
• He said UK banks face an effective total tax rate of about 46% in 2024, versus roughly 28% in New York and 29–39% across the EU, arguing against further levies.
• UK bank shares lost more than £6bn in value last month after renewed calls for a windfall tax, underscoring investor sensitivity to the issue.
• Barclays reported strong first-half results in July, with profit before tax up 28% to £5.2bn, group income at £7.2bn and net interest income up 12% to £3.1bn.
• Chancellor Rachel Reeves is set to deliver the Autumn Budget on 26 November and has vowed not to raise income tax, national insurance or VAT, a stance that has prompted think-tank proposals for bank windfall charges.