Corbyn’s UK tax plan alarms banks

The UK’s Labour Party has held a series of meetings with top finance executives, setting out how it would levy taxes on one of the world’s biggest financial trading centres if it snatched power from Prime Minister Theresa May.

With Ms May’s grip on the leadership weakened by an ill-judged election last month and her Conservative party divided over Brexit, Labour is hoping her minority government will collapse and catapult its socialist leader Jeremy Corbyn into power.

Last week, Labour’s finance spokesman John McDonnell chose the London Stock Exchange to invite feedback on proposals, telling leaders his party will form the next government, sources at the meeting said.