UK finance industry calls on government to axe additional bank taxes

Britain’s finance industry on Friday called on the new Labour government to phase out additional taxes on banks, warning that lenders in London face a higher total tax burden than in rival cities such as New York and Frankfurt.

Bank trade body UK Finance made the call as part of its submission to the government ahead of Labour’s first budget statement on Oct. 30.

Banks in Britain, which have seen profits surge thanks to higher interest rates, have intensified lobbying against possible tax hikes...