Andy Burnham warned of exodus of London bankers if he hits City with windfall tax of up to £60bn

Andy Burnham was warned that endorsing a windfall tax could trigger an exodus of bankers from London, as the Trades Union Congress (TUC) presses for a levy on the City. The TUC wants the Prime Minister-in-waiting to raise taxes by between £9 billion and £60 billion over four years, framing it as part of a “rebalancing” of Britain’s economy. UK Finance, representing more than 300 firms from major banks to fintech companies, said such a move would damage competitiveness and shift capital, investment, and jobs to other jurisdictions. UK Finance’s director of communications, Andy Donald, said the sector already faces higher tax burdens and paid over £43 billion in taxes last year, supporting nearly 400,000 jobs. TUC general secretary Paul Nowak highlighted record bonus profits, while Burnham unveiled a devolution-focused masterplan that would move tens of thousands of jobs out of Whitehall.