City AM this morning reports that based on data from PwC, commissioned by the City of London Corporation, the City gave the UK government 10.5 per cent of all its tax take in 2019, while employing just 3 per cent of the working age population. Higher than average salaries meant these people paid 11.6 per cent of all employment taxes. Over the calendar year £33.4 billion was paid directly by financial services firms, £42.1 billion by employees and via VAT. However, corporation tax receipts fell by 9.5 per cent, lower than it was in 2008, because of lower profitability.
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