Finance

Banks under fire for dragging their feet over shared branches while lobbying for a £1.5bn tax cut

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Banks under fire for dragging their feet over shared branches while lobbying for a £1.5bn tax cut

By Helen Cahill, Financial Mail On Sunday

Published: | Updated:


Banks are under fire for dragging their feet in negotiations over shared branches while lobbying for a tax cut worth £1.5billion.

Sources said banks are arguing over where branches will be based instead of signing an agreement to share the estimated cost of £100million.

It is thought that Rishi Sunak could cut the eight per cent surcharge the sector pays on top of the ordinary rate of corporation tax.

Labour MP Siobhain McDonagh, who sits on the Commons Treasury select committee, said: ‘When there’s something the banks need, they’ve got their hand out. 

‘But they see no reason to consider elderly, or disabled, or vulnerable customers and how they access money.’

Banking trade body UK Finance declined to comment.

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source: dailymail.co.uk