Financial services tax contribution falls

TAX RECEIPTS from financial services have dropped by up to a fifth since the banking crisis, a new study has found.

The figures reveal that corporation tax receipts from financial services stood at £53bn for the year to March 2010, down from the £68bn in 2007, the period just before the crisis gripped the City.

The figures, from a study by PwC for the City of London, are reported in the Financial Times.


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