Is London really the most-taxed city? Banks accused of cherrypicking data

The City of London. According to calculations by the Guardian, a bank would face a higher total tax rate in Paris than in the British capital. Photograph: Marco Bottigelli/Getty

A banking lobby group has been accused of cherrypicking data and trying to mislead the British government by claiming a tax rise for banks at next week’s budget would leave London less competitive than rival financial hubs.

UK Finance, which represents banks including Lloyds, JP Morgan and Revolut, commissions an annual report tallying up all the taxes shouldered by a large bank, including corporation tax, social security, VAT and bank-specific levies.