HSBC chief executive Michael Geoghegan said it would be a “terrible shame” if the nation lost out to competing nations because of Government interference. “I think when you start moving taxation for political reasons, the trouble is, it’s an industry that can move,” he said. “I know a large number of bankers are moving out of the UK. They can move because they have opportunities in Switzerland and other places to set up their business. “I do believe we should have a robust financial services industry here in the UK because the City has all the rights to win.

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