HSBC move

HSBC thinks taxes are not certain

UK politicians have backed HSBC into a corner – it is coming out fighting. StanChart could follow HSBC to Hong Kong.

HSBC Holdings has finally had enough. The bank is reviewing whether to relocate after the UK bank levy has tripled since inception in a country struggling to bridge its deficit.

The bank levy, an annual tax on banks’ liabilities, has become a strong headwind for the likes of HSBC and Standard Chartered after rising from 0.07% to 0.21% over the past four years.

“We are beginning to see the final shape of regulation and of structural reform, including the requirement to ring fence in the UK. As part of the broader strategic review taking place, the board has therefore now asked management to commence work to...

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