City of London Welcomes Budget but Insists Bank Tax Rise Must End as Scheduled

City of London Corporation Policy Chairman Chris Hayward responded to the government's Budget, describing it as showing "serious intent on behalf of government, with measures to support enterprise and investment," while acknowledging that a difficult fiscal backdrop required tough decisions. The Corporation welcomed several specific measures: Capital Gains Tax main rates were left unchanged; £20 billion was allocated to the British Business Bank and National Wealth Fund; up to £5 billion was directed toward defence; and planning reforms and improved grid connectivity for data centres were included to help raise productivity and living standards. The Corporation also backed efforts to address the UK's growth-stage funding gap and attract more pension capital toward entrepreneurs. On bank taxation, the Corporation stressed that the rise is already time-limited and must end as scheduled, and called on the government to provide a strategic tax roadmap to give business and international investors certainty. It argued the Chancellor missed an opportunity by not removing stamp duty on UK shares, a step that would reinforce London as a leading global financial centre. On ISAs, the Corporation advocated keeping the regime as simple as possible, noting that complexity itself is a barrier to participation. It committed to studying fiscal devolution plans carefully alongside the government, the Mayor, and London boroughs.