Britain asks private bankers to discuss potential wealth taxes, says source | Malay Mail

Thursday, 11 Jun 2020 11:26 PM MYT

Government officials are contacting executives at major banks and wealth management firms to sound them out on options to replenish depleted public coffers, according to one senior banker invited to share their views. Some wealth managers and economists speculate the government could look to raise money via tax hikes on savings, capital gains, Value Added Tax or property, although the banker had not been provided with any detail on the exact policies under review.

While the government engages often with the banking industry — particularly in the current crisis including over state-backed loans delivered by banks — it is unusual for officials to consult private bankers on policy matters. Finance minister Rishi Sunak’s next budget is scheduled for the autumn, although reports suggest some limited stimulus measures will be announced next month.

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