Chapter 1460: Chapter 13, High Trees Catch Much Wind_3

Having one’s job taken is not such a big deal. In the ranking of the six titans of the Court, the Minister of Agriculture is naturally positioned at the end.

Were it not for the Kingdom Government’s efforts to showcase their emphasis on agriculture, it’s likely that the position would not even exist among the giants.

Compared to the others, be it power in hand or political influence, it’s lagging by more than just a step or two.

Working under the Minister of Finance isn’t something to be ashamed of. After all, there’s no room left for a decline in political standing, so there’s no need to obsess over it.

However, with the success of agricultural reforms, everything became different.

Not only did he not gain any political achievements, but Earl Rinnares was also put on the spotlight. Without doing anything, the “incompetent” label fell upon him from the sky.

Having suffered such a loss, naturally, the account had to be settled with Hudson. Facing the domineering Kingdom Marshal, Earl Rinnares knew he couldn’t afford to provoke him and had to resort to a roundabout strategy.

Taxing banks could also be considered as part of tax reforms, as it’s still taxation.

As one of the main persons in charge, Earl Rinnares’s suggestion was entirely within his jurisdiction.

Seeing through the truth, Hudson smiled slightly. What seemed like an unwarranted disaster was actually a new opportunity, wasn’t it?

Since it’s about taxation, it’s naturally impossible to target only the Near East Development Bank; otherwise, it would be bullying, as if Master Hudson’s knife wasn’t sharp.

All commercial banks have to be taxed by the King’s Government, which would be a tragedy for numerous small banks.

They can’t afford to hedge scales; their operating costs are constantly high. Adding a tax burden would only increase the pressure.

There’s no need to target intentionally; a little disturbance could cause these small banks to go bankrupt.

Invisibly, this also raises the threshold for bank entry. Banks without strong enough financial backing or with inadequate shareholder backgrounds would go bankrupt in the next few years.

The Near East Development Bank became a giant, yet it only holds less than a third of the market share in the Kingdom’s financial lending industry.

The remaining two-thirds are still divided among local small and medium-sized banks, chambers of commerce, private lenders, and loan sharks.

Once taxation begins, individual private lending can evade taxes easily, whereas large-scale organizations would find it hard to escape.

With the bureaucracy of government officials, they’re most likely to categorize these organizations and banks together for easier management later.

When the knife falls, backward operation models and low-profit groups would most likely not survive.

Although paying taxes loses money, the market share of banks would increase. Whether it’s a loss or gain, it’s hard to determine in the short term.

“Obstruct?

No!

Not only can you not stop his actions, but you also need to fan the flames from behind, urging him to advance.

There are always two sides to everything; once the Kingdom Government taxes us, borrowing money in the future can’t be as favorable as before, everything must follow banking regulations.

Tell Rudolf to have someone monitor competitors closely, collecting their operational data.

If the government policy of taxing banks is implemented, these materials could potentially become a weapon to attack competitors!”

Hudson said with a smile.

Following the trend is the best strategy!

Pay the tax, since the Kingdom Government owes the bank a pile of debt, who knows which monkey year and month they’ll pay off. At worst, it can be used as a deduction.

As for Earl Rinnares, who triggered all this, Hudson states he is a Noble with magnanimity, not bothered by such small matters.

…

Jade Palace.

The simmering anger within Caesar IV, at this moment, was visible as he grimly spewed words at Earl Rinnares.

Without realizing it, his confidant had caused a major commotion. Taxing banks essentially equates to reaching into the pockets of the Major Nobles.

The Near East Development Bank was the most prominent and the most profitable, but it wasn’t the only player in the market.

In various places, large and small financial institutions, which of them doesn’t have the support of local Nobles with substantial authority?

As King, Caesar IV couldn’t stay above all this. Besides his participation in the Near East Development Bank, the Royal Family also owns a Royal Bank and several financial institutions.

There was already disagreement within the Royal Family on whether to reform, and now an action slashes into their own interests, probably triggering even more resistance.

Furthermore, the issue was orchestrated by his own confidant, making it hard to claim ignorance to the public.

“Your Majesty, I… I…”

Seeing Earl Rinnares’s hesitant demeanor, Caesar IV’s anger slightly subsided. After all, being part of the Hidden Dragon Squad, naturally, the treatment differs from ordinary subordinates.

“Alright, since you’ve created this issue, you must ensure the follow-up is handled well.

Rinnares, I hope you’ll learn from this incident, don’t act impulsively, and engage your brain more in regular matters.

Other matters can be negotiated, but Marshal Hudson’s issue, you must clarify yourself. In any case, don’t let him think this incident is related to me!”

Caesar IV said with a displeased expression.

Having just received dividends from the Near East Development Bank, and then stabbing from behind isn’t in line with modern Nobility’s code of conduct.

If this got out, it would ruin reputations significantly. Moreover, with so many shareholders in the Near East Development Bank, not even the Royal Family can afford to offend them lightly.

In trying to slice off benefits from them, there ought to be a reasonable justification.

As for the detailed operation, Caesar IV doesn’t care, anyway, he won’t bear this stain.

“Your Majesty, rest assured! I’ll handle this matter properly, ensuring it doesn’t cause trouble for you.”

Earl Rinnares hurriedly replied.

The cold sweat on his forehead already revealed his unease. Initially, it was just a momentary anger, wanting a slight revenge, not expecting it to unravel so many issues.

If not for Caesar IV exposing it himself, Earl Rinnares wouldn’t have known the Near East Development Bank has over a hundred shareholders, each a person of great influence.

If time could reverse, he certainly wouldn’t have meddled with this giant, but unfortunately, reality has no ifs, and political issues are often irreversible.

Whether Earl Rinnares likes it or not, the taxation proposal for banks was initially put forward by him.

Retracting it isn’t an option, since it’s something the reformists want and what Caesar IV intends to push forward!