Consumer-focused lending under Labour could dent UK bank profits

LONDON, June 21 (Reuters) – Once seen as hostile to banks, Britain’s Labour has courted lenders in recent years as it attempts to gain power, yet some of the left-leaning party’s policies are still expected to hit the sector’s profits if it wins next month’s election.

Leader Keir Starmer has won plaudits among business-owners and financiers with promises of stability and a more balanced approach towards taxation of the financial and professional services sector, which contributed more than 110 billion pounds ($139 billion), or 12.3%, of total UK tax receipts in 2023.

Source: Reuter