Barclays CEO double downs on U.K. despite bank tax risk

Barclays chief C.S. Venkatakrishnan doubled down on doing business in the United Kingdom even as the British bank faces the growing threat of higher taxes in the country. The executive's optimism comes as analysts and investors widely expect the U.K. government to target the U.K. banking sector for tax increases in the upcoming Autumn Budget to help plug a growing fiscal hole. When asked about the competitive environment for the banking sector amid the threat of increased taxes, Venkatakrishnan warned that "milking the financial sector is not good, because it stifles investment. "It stifles competition, stifles growth," he said. "You need to encourage it to grow, not tax it out of existence." Despite the threat of additional levies, Venkatakrishnan reaffirmed its commitment to the UK. "We