City firms generate record £75bn of tax as industry shrugs off Brexit fears

Industry News | 07/01/20

City firms generated a record £75.5bn of tax last year as they resisted an economic slowdown and political turmoil.
Financial services companies such as banks and insurers accounted for more than £1 in every £10 of tax paid into Treasury coffers in the year to March 2019, a study by consultants at PwC commissioned by the City of London Corporation found.

The increased total contribution – which highlights the industry’s importance for funding vital public services – masked the first fall in corporation tax paid by finance firms since 2014 due to a decline in profits. The industry paid £1.3bn, or 9.5pc less corporation tax than a year earlier.

Source: The Telegraph