The head of NatWest, which is state-controlled, has defended the amount of tax that big banks pay.

Alison Rose, the chief executive, said banks were taxed more than “any other sector” and more than the financial service sectors in other countries.

Speaking on Ian King Live, Ms Rose said: “On taxes, the banking sector already pays significant taxes.

“We have normal taxes and the bank levy that has stayed in place so we’re paying more taxes than any other sector and more tax than the financial services sector in other countries.”

Ms Rose said well-performing banks are good for the economy.

“We can support our customers and we need to make sure we remain competitive and an investable sector for people,” she said.

In the wake of the market turmoil caused by the mini-budget Ms Rose said there has been a drop in business confidence.

“If you are a business owner and a household, uncertainty is really difficult and we’ve seen a massive drop in business confidence caused by uncertainty and instability in the swap curve that was created,” she said.

“None of that is good for businesses and households. What you want is economic stability, political stability and certainty so we’re very pleased there’s more of a calmness, less volatility in the market.”

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