Banks to Ask for 4 Billion Pound Tax Cuts Post-Brexit: Telegraph

(Bloomberg) -- U.K., European and American banks plan to ask the British government for as much as 4 billion pounds ($5.2 billion) annually in tax breaks post-Brexit after paying billions in extra levies to the Treasury since the financial crisis, The Telegraph reported.

Bank chiefs, who say they have received offers from EU countries for their business, hope to convince Chancellor Sajid Javid, the British newspaper reported, citing an unidentified official familiar with the request.

The banks will request a review of the bank levy and bank surcharge, according to the report in which the U.K. Treasury declined to comment.

©2020 Bloomberg L.P.