The chairman and chief executive of one of the world’s biggest banks has said countries have “got to be careful” with their budgets and ask themselves what a tax rise is for.

Bank of America’s Brian Moynihan was speaking about the UK budget to Sky’s Wilfred Frost on his The Master Investor Podcast.

While Mr Moynihan said the recent UK fiscal announcement was “fine with Bank of America”, he added that governments must be careful with financial markets’ reaction.

“All countries have to understand that the simple question a business asks is, you want higher taxes… higher taxes for what? If the ‘for what’ is not something that makes sense, that’s when you get in trouble,” Mr Moynihan said.

Money blog: Major airport increasing drop-off charge

The American executive was complimentary of the UK as a centre for financial services, saying, “You’ve got to realise this is one of your best industries”.

“You have many other good industries, but a great industry for you is financial services”.

The power of London

While Paris was looked to in the wake of Brexit, London has pulling power for Bank of America and its staff, Mr Moynihan said.

“London is a great city for young kids to come work. People from all over the world will come work here a while and leave, and others will stay here permanently.

“That’s the advantage you have. You’re built. And while other financial centres are trying to build…. you’re built, you’re there.”

London, he said, is Bank of America’s “headquarters of the world”.

Mr Moynihan was upbeat about the prospects for the country too. “It’s more upside for the UK right now than anything else,” he said.

Bank of America is the second-largest bank in America with a market capitalisation of nearly $300bn – making it roughly 10 times bigger than Barclays, Lloyds and NatWest, and more than three times bigger than HSBC.

Having met with the King again on his latest trip to the UK, the CEO said, “his briefing and his knowledge and his passion… it not only impresses me, but I’ve seen it in front of so many people over the last six years. It impresses everybody”.

Mr Moynihan – one of the longest-serving Wall Street chief executives – has been leading Bank of America since 2010, when he was brought after the financial crisis.

Kia now has one of the most affordable electric SUVs in Canada. The EV5 is now on sale, starting at $43,495 CAD.

Kia opens EV5 orders in Canada

The EV5 is the electric SUV we want in the US, but we will likely never see it. After opening online orders on December 4, Kia revealed prices for the entire 2027 EV5 lineup.

Surprisingly, buyers can choose from nine trims, with prices ranging from $43,495 CAD for the base Light model to $61,495 CAD for the flagship AWD GT-Line Limited edition.

Outside of the Light trim, all EV5 variants are offered with front-wheel or all-wheel drive. Upgrading to AWD costs an extra $2,500 CAD.

Advertisement – scroll for more content

Likewise, all EV5 trims, except the Light variant, are powered by an 81.4 kWh battery, providing up to 460 km (285 miles) of driving range. The entry-level Light uses a 60.4 kWh battery, good for a driving range of up to 335 km (208 miles).

All EV5 models come with a built-in NACS port, nearly 30″ of screen space in a curved panoramic display, heated front seats, and Kia Connect with OTA updates.

The interior features Kia’s new Connect Car Navigation (CCNC) infotainment system with dual 12.3″ driver display and touchscreen navigation screens, plus a 5″ climate control screen. The setup includes wireless Android Auto and Apple CarPlay capabilities.

Kia grouped the EV5 trims into tiers based on what buyers are looking for. As expected, the Light FWD trim is the best value for your money.

For those looking for a little more driving range, the Wind FWD offers up to 460 km range, while the Wind AWD is built for Canada’s harsh winters. Both include a heat pump as standard.

2027 Kia EV5 prices and range by trim

Kia said the EV5 Land Rover trim is the best option if you’re looking for a little more out of the interior. The Land Rover trim adds a memory function to the driver’s seat, a heated steering wheel, a panoramic sunroof, a smart power tailgate, and 19″ wheels.

And then there’s the EV5 GT-Line, for those looking for added performance, a sporty new look inside and out, and driver-assistance features like lane-change assist.

The EV5 is now available to order in Canada, outside of the entry-level FWD Light variant, which is scheduled for the fourth quarter of 2026.

Despite the wait, Kia claimed the 2027 EV5 is going on sale as “Canada’s most affordable electric SUV,” starting $43,495.

For those in the US, don’t get your hopes up. Kia said the EV5 will be sold exclusively in Canada for the North American market.