UK banks 'pay £1 of every £8 in corporation tax'
As a result, London-based banks pay much more than those in the world's other major financial centres. By comparison, the total tax rate is 43.8% in Frankfurt, 34.2% in New York, 23.2% in Singapore and 22.7% in Dubai.
Chief Executive of UK Finance Stephen Jones said, "The banking industry’s contribution to the public finances continues to grow each year, with £1 in £8 of all UK corporation tax now paid by the sector. This underlines the need to ensure the UK remains a world-leading location for financial services investment in future, safeguarding the jobs and tax revenue generated by the industry."