Lloyds Bank chief executive Charlie Nunn says the devolution plan of new prime minister Andy Burnham can help the government to “actually get stuff done” - but has also warned against taxes on banks .

Ahead of the Budget on 28 October , the first since Mr Burnham appointed John Healey as chancellor, there has been much speculation about where Labour will raise additional funds.

Banks are widely expected to be one sector which will be asked to fork out more than previously, though several industry experts have cautioned against the wisdom of doing so.

While the financial sector can generate huge profits, that money tends to go towards those who plough it back into the economy in other ways, critics say, including wide-ranging investors, those who run other business and the financial industry itself, which employ many and is part of the stronghold of British industry.

Speaking to the Financial Times, the CEO of Lloyds Banking Group - which also includes the likes of Bank of Scotland, Scottish Widows and…