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StanChart could relocate HQ if UK taxes rise, CEO says


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StanChart could relocate HQ if UK taxes rise, CEO says

Standard CharteredPlc CEO Bill Winters said the firm could relocate its headquartersoutside the U.K. if the country's vote to leave the EU prompts the governmentto impose higher taxes on banks, the FinancialTimes reported July 17.

Winters said the anti-establishment groundswell that led people to votefor Brexit made him fear that Britain's biggest lenders will continue to beviewed as the "piggy banks to be raided" for extra cash.

Bankers fear that a Brexit-based economic slowdown could leave thegovernment short of cash in the next few years, which could lead it to imposeanother tax hike, The Daily Telegraph reportedthe same day.

Analysts at the Institute for Fiscal Studies said the impact of theBrexit slowdown could result in a gap of up to £40 billion in the country'spublic finances, the Telegraph noted.

StanChart rival HSBCHoldings Plc recently said it will stick with its February decision to keepits headquarters in London.