Santander’s Botín Says UK Bank Taxes Make No Economic Sense: FT

Santander’s executive chair Ana Botín tells the Financial Times that if the UK government’s goal was to encourage growth, then “taxing banks more heavily than other companies makes no economic sense.”

• Banks “already pay a corporate tax rate of around 30 per cent, our profit margins are nowhere near those of monopolistic players, and we’re not reaping windfall profits,” Botín tells FT
  • “If policymakers are looking for sectors earning outsized returns, there are other places to start,” she says
• NOTE: Dimon Says JPMorgan Would Scrap UK HQ Over Higher Bank Taxes

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