Barclays CEO Says Bank Taxes in Budget Could Be 'Bearable'
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The chief executive of Barclays, one of the UK's largest banks, has said that possible new taxes on banks in the upcoming budget could be 'bearable.'
Speaking to reporters, he gave his backing to the chancellor, John Healey, who is responsible for the government's budget plans.
He said: 'I deeply respect the responsibility that the chancellor has and he has our full support and backing.'
The budget is expected to include decisions about taxes that could affect banks and other businesses.
Banks have sometimes worried about higher taxes, since these can reduce their profits. However, this CEO suggested the changes would not be too difficult to manage.
His comments come as the government prepares to announce its full budget plans. A budget is the government's yearly plan for how it will raise and spend money.
Separately, the Office for National Statistics (ONS) has published a new report on the gender pay gap in the UK.
The ONS is the UK's official body for collecting and publishing national statistics, such as information about jobs, pay and the economy.
The gender pay gap measures the difference between average pay for men and women across the country.
This kind of report is published regularly to track whether pay differences are growing smaller or staying the same over time.
Both stories were part of wider live political coverage, which also touched on red tape affecting small businesses.
Vocabulary10 words
- Barclays
- a large bank based in the UK
- backing
- support or agreement for someone's plans
- chancellor
- the minister in charge of a country's money and taxes
- CEO
- chief executive officer; the top boss of a company
- budget
- a government's plan for raising and spending money
- Office for National Statistics
- the UK's official organisation for collecting data about the country
- gender pay gap
- the average difference in pay between men and women
- statistics
- numbers and facts used to understand something
- profits
- the money a company earns after costs
- red tape
- rules that make it harder to do business
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Quiz
Answer key
1. They would be bearable 2. The chancellor, John Healey 3. The gender pay gap
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Fill-in-the-blank listening
Play the audio again and fill in the missing words as you listen.
The chief executive of Barclays has said possible new _____ on banks could be bearable.
Speaking to reporters, he gave his _____ to the chancellor.
He said: 'I deeply respect the _____ that the chancellor has.'
The budget is expected to include decisions about taxes that could affect _____.
This CEO suggested the changes would not be too difficult to _____.
The government is preparing to announce its full _____ plans.
The Office for National Statistics has published a new report on the _____ pay gap.
The ONS is the UK's official body for collecting and publishing national _____.
The gender pay gap measures the difference between average pay for men and _____.
Both stories were part of wider live political coverage, which also touched on _____ affecting small businesses.
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