City of London says tax haul backs case for Brexit banks deal

London

BRITAIN'S financial services industry paid a record £72.1 billion (S$129.3 billion) in tax during the past fiscal year, PwC said in a report that piles pressure on the government to secure favourable trading terms for banks after Brexit.

Tax revenues in the finance sector rose one per cent in the year to March 2017, hitting their highest level in the 10 years data has been collected, the report said. It was commissioned by the City of London, home to the "Square Mile" financial district.