HSBC says ‘no pressure’ to move HQ out of UK despite prospect of higher bank taxes

HSBC’s global HQ is on London but it has a strong shareholder base in east Asia, where it makes the bulk of its profits. Photograph: Jill Mead/The Guardian

A top executive at HSBC has tried to quash speculation that the bank could move its headquarters out of the UK over tax increases expected to be announced in Wednesday’s budget.

HSBC’s chief financial officer, Pam Kaur, said there was “no pressure”, particularly from shareholders in its cornerstone Hong Kong market, to shift out of London despite lobbyists warning higher tax bills could drive big banks’ business abroad.