The first Labour Government in a generation, the biggest increase in taxes since 1993. A bold maneuver to bolster growth, or a misstep, which will cost Labour at the next election? The challenge facing policy makers is real. The size of the national debt is so large, that interest payments alone are now larger than the entire policing budget. And in order to prevent the national debt to stop increasing relative to GDP, the country needs annual growth of 2.5% or more.
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The UK stands out among G8 countries due to its political stability, with the government expected to remain in power for up to 10 years. Consequently, 2024 could mark a turning point for UK banking, thanks to recent deregulation reforms and stable interest rates.
Financial Services is one of the largest industries within the UK, and contributes 8.3% to economic output. Overall the Financial Services industry employs over 1m people in the UK, and also runs significant trade surpluses, as a result, what happens in Banking is of direct relevance to the entire economy, and London in particular is of significance.
As Russia re-elected Putin this weekend, the impact on the UK is being seen in more ways than one. Already, Grant Schapps is talking about the need for further defence spending as we move from a post-war to a pre-war world. Meanwhile, the avenues for money to be funnelled into London are slowly closing, and the determination to minimize access is clear. The decision to double the economic crime levy for very large companies from April, to £500,000 per institution is a reflection of that.