Boss of one of world's biggest banks warns countries to 'be careful' when raising tax

The president and main enforcement of 1 of the world's biggest banks has said countries person "got to beryllium careful" with their budgets and inquire themselves what a taxation emergence is for.

Bank of America's Brian Moynihan was speaking astir the UK fund to Sky's Wilfred Frost connected his The Master Investor Podcast.

While Mr Moynihan said the caller UK fiscal announcement was "fine with Bank of America", helium added that governments indispensable beryllium cautious with fiscal markets' reaction.

"All countries person to recognize that the elemental question a concern asks is, you privation higher taxes... higher taxes for what? If the 'for what' is not thing that makes sense, that's erstwhile you get successful trouble," Mr Moynihan said.

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The American enforcement was complimentary of the UK arsenic a centre for fiscal services, saying, "You've got to realise this is 1 of your champion industries".

"You person galore different bully industries, but a large manufacture for you is fiscal services".

The powerfulness of London

While Paris was looked to successful the aftermath of Brexit, London has pulling powerfulness for Bank of America and its staff, Mr Moynihan said.

"London is simply a large metropolis for young kids to travel work. People from each implicit the satellite volition travel enactment present a portion and leave, and others volition enactment present permanently.

"That's the vantage you have. You're built. And portion different fiscal centres are trying to build.... you're built, you're there."

London, helium said, is Bank of America's "headquarters of the world".

Mr Moynihan was upbeat astir the prospects for the state too. "It's much upside for the UK close present than thing else," helium said.

Bank of America is the second-largest slope successful America with a marketplace capitalisation of astir $300bn - making it astir 10 times bigger than Barclays, Lloyds and NatWest, and much than 3 times bigger than HSBC.

Having met with the King again connected his latest travel to the UK, the CEO said, "his briefing and his cognition and his passion... it not lone impresses me, but I've seen it successful beforehand of truthful galore radical implicit the past six years. It impresses everybody".

Mr Moynihan - 1 of the longest-serving Wall Street main executives - has been starring Bank of America since 2010, erstwhile helium was brought aft the fiscal crisis.