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The City is a mixed blessing despite paying £75.5bn in tax

We are being encouraged to show a little love to the financial sector but relying on one industry – a mobile and capricious one at that – for so much revenue may not be too clever, says James Moore

Monday 06 January 2020 20:02 GMT
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The financial services industry gives a lot... but then it takes rather a lot too
The financial services industry gives a lot... but then it takes rather a lot too

Sceptical of the City and its outsize position in UK plc? Here’s a number for those that are: it pumped £75.5bn into the chancellor’s coffers last year.

That’s according to the analysis that the City of London Corporation and PricewaterhouseCoopers like to put out at this time of year.

It is, we are told, a new record. But only just. Last year the industry’s tax contribution amounted to £75bn. That said, when you consider the uncertainty it has been grappling with from digital disruption and Brexit, any increase at all represents a considerable achievement.

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