The Weekly Wrap
BREAKING’ City of London pays £75bn in taxes
The financial services in The City of London has paid a
record of £75bn taxes, contributing 10.9% of the government total tax receipts.
The record has been broken as the figure went up by 4% from
last year’s total of £72.1bn – highest the sector had paid in the last 10
According to research from the City of London Corporation and
PwC, the largest proportion was from employment taxes £32.9bn accounting for
43% of the total tax figure.
City of London, employing 1.1m people across the UK is part
of the 3.4% of the country’s workforce, which made up 11.5% of all UK
employment tax receipts.
The City has paid 25.1% of all British corporation tax
Catherine McGuiness, policy chair at the City of London
Corporation, said, “With Brexit edging ever closer, it is more important than
ever that the UK remains competitive to safeguard the sector’s employment and
A no-deal could weaken The City of London and push activity
away from the UK, avoidance of which is crucial she said.
plans for City of London office search ahead of Brexit
The Bank of New York Mellon are dropping their plans of
moving in to The City of London and instead will try seek to extend their
current lease at Queen Victoria Street.
The US bank had a shortlist of possible new locations in the
City of London including London’s eastern financial district and Canary Wharf
and prepare to move in by 2020s.
However this has all changed now due to discussions with
Blackstone to extend its lease at the current London base which expires in
Extending the lease would represent a shorter and potentially
less expensive commitment instead of agreeing a deal to lease a new headquarters
including relocation and fit out costs.
BNY Mellon said: “We have been exploring our options and
having conversations regarding our office requirements in London for a while,
but we are not in a position to confirm any details at this time.”
BNY Mellon has a 150,000 sq ft. site in One Canada Square
tower in Canary Wharf where its lease expires in 2022 after it was extended
four years ago. Regarding the office search in The City of London, BNY was
seeking a space of around 300,000 sq ft.
London send out police to India to look for ‘Tech support’ scammers
Police officers are being sent out to India to catch scammers
in call centres who target the UK in a multi-million pound racket.
The fight against fraud will be expanding operations overseas
in order to combat criminals and take the fight to the enemy.
City of London police has stated that 22,000 UK victims have
lost around £21m over the last year to “tech support scams” many of the coming
from outside the UK.
Scammers claiming to be technicians from companies such as
Microsoft inform their potential victims that their computer has been infected
with a virus and demand cash in order to fix the problem. Callers have been
able to hack emails and bank accounts after asking to remotely access the victim’s
computer to provide support.
Indian police have raided 26 call centres making 50 arrests
in recent weeks.
City police who have an employee from Microsoft working with
them, says it receives more than 11,000 calls a month from around the world
about fake security warnings. Microsoft’s work with the City Police have
resulted in a number of arrests.
Some fraudsters also pretend to be support staff from Apple,
Google and other top tech companies.
Ian Dyson, City of London police commissioner said that some
call centres operate legally during day time and then switch to being
fraudsters during the night which makes them “criminal enterprises”.
Mr Dyson also said that it has formed a special team to
explore “global solutions” to fraud. “A lot of the perpetrators of fraud
operate abroad, and that means getting a judicial outcome is challenging in
some cases. They are not out of reach, but it makes it harder,”
“There is a serious need to get ‘upstream’ of certain crime
types, such as economic crime, and find long-term solutions to tackle them at
source, before they spread across the globe.
“This is about preventing people committing fraud in the UK.
We are building a capability that means we are taking the fight to the enemy,
and I think we can have a significant impact.”
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