— ‘UK Finance, which represents banks including Lloyds, JP Morgan and Revolut, commissions an annual report tallying up all the taxes shouldered by a large bank, including corporation tax, social security, VAT and bank-specific levies. The report, put together by PwC, lists London as the most tax-intensive city, charging a “total tax rate” of 46.2%, compared with 42.2% in Amsterdam, 39.1% in Frankfurt, 29% in Dublin and 27.9% in New York. … However, questions are now being raised about the lobby group’s data. They include why Paris, one of London’s biggest rival financial hubs and host to many large investment banks including JP Morgan, Goldman Sachs and Barclays, has consistently been excluded from UK Finance comparisons. Calculations by the Guardian, which were reviewed by a leading accountancy firm, show that the same bank in Paris would face a total tax rate of between 51.6% and 57.3%. That is up to 11.1 percentage points higher than London.’ https://www.theguardian.com/uk-news/2026/oct/24/banking-lobby-group-accused-cherry-picking-data-healey-tax-rise