HSBC ‘very encouraged’ by Burnham agenda despite tax threat

HSBC s finance boss said the bank is “very encouraged” by Andy Burnham’s agenda, despite slashing its UK growth forecast ahead of a potential tax raid.  Pam Kaur, HSBC s chief financial officer, said: “The UK is our home market, our focus in the UK is supporting customers with their growth ambitions.” But when asked about a potential looming tax threat at the Budget, Kaur said she would not “speculate” 24 hours out. Chancellor John Healey will deliver his first major fiscal event on Wednesday, where he is expected to turn to the banks for a cash grab as he seeks to balance the books. Banks pay a raft of sector-specific levies in the UK, including a three per cent surcharge on corporation tax, taking the effective rate to 28 per cent. A five per cent hike is expected to raise around £2bn a year for the Treasury purse. Healey is widely expected to hike taxes on lenders following fierce lobbying from the Labour left and trade unions. HSBC cuts UK growth forecast Stil