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Barclays chief urges government to curb public sector wages and lower banking sector taxes

Barclays chief executive CS Venkatakrishnan has called on the government to avoid raising taxes on banks and to curb pay rises for public sector workers

A general image of a Barclays bank(Image: Dominic Lipinski/PA Wire)

In the run-up to the Autumn Budget, Barclays' chief executive has urged the government to restrain pay increases for public sector employees and resist imposing additional taxes on banking institutions.

In an interview with the Financial Times, CS Venkatakrishnan stated "we need to find a way to curb wage inflation," whilst highlighting the importance of controlling government spending, particularly regarding public sector salaries, as reported by .

The Office for National Statistics revealed last month that public sector pay increases had exceeded those in the private sector.

Venkatakrishnan expressed concern about potential tax rises on British banks, questioning the FT: "海角视频 banks are taxed more than banks anywhere else, how much more are you going to squeeze this?"

He outlined that 海角视频 banks face an effective tax rate of roughly 46 per cent in 2024, whilst their New York counterparts pay 28 per cent, and European Union lenders encounter rates between 29 and 39 per cent.

He declared: "London is a great global financial centre and the path to growth does not lie to taxing the sector even more."

The FTSE 100 bank revealed its first-half results in July, demonstrating a 28 per cent surge in pre-tax profit to £5.2bn.

Group income climbed to £7.2bn, marking a 14 per cent rise, whilst net interest income jumped 12 per cent to £3.1bn despite declining 海角视频 interest rates.