This is the highest contribution since the study started a decade ago and represented 4.7 per cent of total UK government tax receipts in the same period.

The report also includes analysis of the UK's current and projected tax levels for a typical corporate and investment bank relative to other global financial centres. For 2024, London’s total rate (45.8 per cent) is notably higher than New York (27.7 per cent), Dublin (28.8 per cent), Frankfurt (38.6 per cent) and Amsterdam (42.0 per cent).  London is also projected to have the highest TTR in 2025.