Barclays has issued a direct warning to London Mayor Sadiq Khan, urging him to abandon plans to increase taxes on banks operating in the capital.
The bank argues that additional fiscal burdens would erode the competitiveness of the UK's financial sector, particularly as global competition for talent and capital intensifies.
Cityam reported the bank's stance, highlighting the tension between the sector's recent windfalls and the political pressure to redistribute those gains.
The intervention comes shortly after Barclays reported a sharp rise in half-year profits, driven largely by its investment banking division.
The bank's trading arm capitalized on heightened market volatility linked to geopolitical tensions in the Middle East, generating significant revenue that bolstered the group's overall performance.
This profitability has fueled a nearly 30% increase in the bank's bonus pool, a move that has reignited political calls for a windfall tax or higher levies on financial institutions.
Cityam reported the bank's stance, highlighting the tension between the sector's recent windfalls and the political pressure to redistribute those gains.