Global banking executives have warned that if the UK raises the banking tax burden, they will move their investments out of the UK. The executive told the Burnham administration that the move could further damage London's status as a financial center. Major banking lobbying agencies conduct research on banks in the US, the European Union, Asia, Africa and the Middle East that have large-scale operations in the UK. The senior bankers interviewed said that after Brexit, they will no longer choose Britain as Europe's core hub as in the past. This warning shows that the banking community is increasingly concerned about the levy of excessive profits tax in next month's budget. British Chancellor of the Exchequer Healy is seeking to increase fiscal revenue to make up for the fiscal gap caused by the Iran war driving up borrowing costs. David Postin, CEO of the British Financial Services Association, a banking lobbying organization, said in an interview: “Currently, our tax burden is already very high. If taxes are raised further, I think the tipping point will be reached, which is extremely risky for the government.”

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