Jane Fraser says "Money votes with its feet" on steep UK taxes

Citigroup chief Jane Fraser has cautioned UK officials that steep taxes could drive financial firms to rival hubs. Speaking in London after receiving a damehood, the Scottish-born Wall Street leader voiced alarm over possible new levies on banks, including a proposal associated with Andy Burnham. She argued that keeping Citi’s British base is harder to justify when London’s tax burden approaches 48 percent, versus roughly 27 percent in New York and about 28 percent in Dublin. Fraser also noted unease among American executives that Britain’s standing has slipped, and cited government signals on wealth and capital-gains taxes. Her remarks follow similar warnings from Barclays and JPMorgan, whose chief threatened to abandon a planned headquarters. With Citi’s trading revenue surging, analysts say its turnaround is working, but Fraser said the country must remain competitive.