The UK has not ruled out raising bank taxes; Citigroup CEO warns that "capital will vote with its feet."

As the substantial profits in the banking sector in London's financial district have prompted calls from the public for the government to raise bank taxes to fund measures that support citizens, the government led by Andy Burnham has refused to rule out the possibility of increasing bank taxes in the upcoming budget. When asked whether the government would rule out changes to the UK's banking tax system, the UK Treasury stated in a release, The Chancellor is fully focused on driving his agenda to promote business growth, alleviate cost of living pressures, and provide support to communities across the nation. The statement added, Tax policy will be announced by the Chancellor in the fiscal event, rather than responding to every suggestion from the outside. In contrast, Burnham has clearly stated that the October budget will not adjust the stamp duty on property transactions. Previously, media reports indicated that he had considered abolishing this tax.