Claims extracted
23
sentences that state something as happening or true
Uncertain
17%
4 of 23 hedged
("reportedly", "may", "according to")
Leaning
withheld
no quote in the article backed the model's score
Publisher signals
68/100
Daily Mail's corrections and
hedging, across everything collected from it. Not a measure of accuracy.
Outlets on this story
1
Economy/Business
Same framing elsewhere
1
articles that frame the event the way this one does
Britain faces an exodus of talent, business and capital if Labour increases bank taxes, the City has warned the Chancellor.
asserted
City → face → Chancellor
In a hard-hitting letter less than three weeks before the Budget, a coalition of influential business groups told John Healey a tax raid could backfire by causing a stampede out of the UK.
uncertain
raid → hit → UK
‘As well as weakening investor confidence and damaging UK attractiveness, a higher tax burden may not necessarily generate higher tax receipts if capital, people and businesses move elsewhere,’ the letter said.
uncertain
letter → weaken → receipts
It comes after John Healey this week summoned the bosses of Britain’s biggest banks to Downing Street to tell them Britain faces a ‘challenging fiscal picture’ – adding to fears that they will be hit by a tax raid.
asserted
they → come → raid
The timing of the letter, just days later, suggests the meeting did nothing to reassure the City.
And the prospect that higher taxes could see the Square Mile’s rainmakers up sticks and leave Britain would add to an exodus of the wealthy that is already taking place.
uncertain
that → suggest → place
Britain's City-based finance industry is essential to UK growth ambitions, the letter argued
Figures earlier this week showed billionaires with £120billion to their name had fled the country since Labour came to power and started putting up taxes.
asserted
Labour → base → taxes
Banks are seen by the party and its union backers as a potentially lucrative source of extra tax revenues as they enjoy bumper profits thanks to high interest rates.
asserted
they → see → rates
The Trades Union Congress has called for ‘a windfall tax on bank profits to fund cuts to energy bills for everyone on low and middle incomes’.
asserted
Congress → call → incomes
But the prospect that lenders will be targeted by Mr Healey has alarmed the City, prompting the new letter from five groups led by the Confederation of British Industry and trade body UK Finance.
asserted
lenders → target → Industry
Also represented are the City of London Corporation and lobby groups TheCityUK and the Association for Financial Markets in Europe
asserted
Corporation → represent → Europe
In the letter, they argued that a ‘strong and internationally competitive’ finance industry was ‘essential to achieving the government’s growth objectives’.
asserted
industry → argue → objectives
That requires ‘stable and internationally competitive’ taxes and regulations, they added.
asserted
they → require → taxes
And the letter said the government's tax decisions should be made not only on how much revenue they are likely to raise but also after assessing their impact on investment and competitiveness and the ability of banks to lend to businesses and households.
asserted
they → say → businesses
It warned that UK lenders are already paying higher taxes – at a rate of around 46.5 per cent – than those in rival financial centres such as New York and Frankfurt, where they pay 27.9 per cent and 39 per cent.
asserted
they → warn → cent
A tax raid would also buck the trend of some countries reviewing their regulations to try to make conditions more competitive for banks.
asserted
conditions → buck → banks
If the UK were to increase the tax burden it would ‘send a different signal and make it harder to channel finance and liquidity into businesses trying to invest and grow in the UK’.
asserted
it → increase → UK
The business groups told Mr Healey a tax raid risked reducing the availability of finance and insurance to households and businesses and 'undermining the growth that both you and the Prime Minister have rightly identified as the key to the country's long-term success’.
asserted
you → tell → success
The letter called on the government to provide greater certainty by pledging not to levy further taxes on banks.
asserted
letter → call → banks
It added: ‘With the right regulatory policy and taxation framework, UK financial and related professional services can play an even greater role in delivering investment, prosperity and resilience across every region and nation of the UK.
asserted
services → add → UK
‘If economic growth is the government’s priority, protecting one of the UK's most important national strategic assets is essential.
asserted
protecting → protect → assets
If you take out a product This is Money may earn a commission.
uncertain
This → take → commission
These deals are chosen by our editorial team, as we think they are worth highlighting.
asserted
they → choose → team
This does not affect our editorial independence.
asserted
This → affect → independence
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