Scottish Labour leader calls for tax hikes on big banks ahead of Budget

Read the original at Evening Standard ↗
Cite

Paton, C. (2026, October 26). Scottish Labour leader calls for tax hikes on big banks ahead of Budget. Evening Standard. https://www.standard.co.uk/business/business-news/john-healey-budget-scotland-tuc-b1302331.html

Dated from the outlet's own feed. Check the original for its byline.

Evening Standard · collected 2026-10-26 · by Craig Paton

Quick Summary

Michael Marra, leader of Scottish Labour, has urged the Chancellor to impose higher taxes on large banks due to their significant profit increases, such as Barclays' 12% rise in the third quarter. Marra argues that these profits stem from high mortgage rates and low savings rates, which are causing financial strain for many people. He plans to discuss this with the Chancellor and Energy Secretary Miatta Fahnbulleh ahead of the autumn statement on Wednesday. Scottish Labour proposes taxing private jets, schools, and equity to fund public services like the NHS, suggesting that banks should contribute more given their substantial profits—around £15 billion in the first half of the year. The Treasury declined to comment before the official announcement.
Written locally by qwen2.5:14b on 2026-10-26, using this article's own text rather than the other coverage of the same event (that is the story summary below).

AI analysis runs on qwen2.5:14b, locally

Story summary

Michael Marra, the new leader of Scottish Labour, has called on Chancellor John Healey to increase taxes on big banks ahead of the upcoming Budget. Profits for major banks like Barclays surged by 12% in the third quarter due to high mortgage rates and low savings rates, according to Marra. In the first half of this year, Britain's largest banks collectively earned around £15 billion in profits. Marra argues that taxing these windfall profits would help fund essential public services like the NHS and assist individuals struggling with heating costs. However, critics warn such measures could push up mortgage rates further.

Written for “Scottish Labour Tax Hikes On Banks” on 2026-10-26, grounded in this article and the 1 other(s) covering the same event.

Story

📰 Scottish Labour Tax Hikes On Banks
Politics · 2 article(s) covering the same event. See how they differ ↓

Compared with similar articles

This article reads unscored and hedges 0% of its claims. Each row says how that neighbour differs.
John Healey's tax raid on banks 'will raise the cost of mortgages' different event · 95%
Daily Mail
⚖️ Leans right 🔴 0% hedged 0 of 16 📰 publisher trust 66
“The articles discuss different calls for tax hikes on banks by different Labour figures, not the same specific incident.”
New Scottish Labour leader Marra tells Healey to hammer bank profits in the Budget amid warnings move could push up mortgage costs same event · 95%
Daily Mail
⚖️ leaning not scored 🔴 11% hedged 2 of 18 📰 publisher trust 66
“Both articles describe Scottish Labour leader Michael Marra calling for increased taxes on big banks ahead of the Budget, with similar details about profits and meetings.”
Banks set to report stronger profits as they face prospect of tax hike different event · 75%
Evening Standard
⚖️ leaning not scored 🔴 20% hedged 3 of 15 📰 publisher trust 65
“Article A discusses banks reporting stronger profits amidst a prospect of tax hike, while Article B covers Scottish Labour leader calling for tax hikes on big banks ahead of Budget. Though both articles mention increased bank profits and potential tax hikes, they describe different specific events occurring at distinct times.”
How this article was measured signals, leaning charts, publisher record, byline, topics and claims

Signals How these are calculated →

Claims extracted
12
sentences that state something as happening or true
Uncertain
0%
0 of 12 hedged ("reportedly", "may", "according to")
Leaning
withheld
no quote in the article backed the model's score
Publisher signals
65/100
Evening Standard's corrections and hedging, across everything collected from it. Not a measure of accuracy.
Outlets on this story
2
Politics
Same framing elsewhere
1
articles that frame the event the way this one does
Analyzed 2026-10-26 · how these are computed

How this is being covered How these are calculated →

Article leaning vs. publisher reliability
Source leaning vs. consistency

Publisher

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Running correction rate · 61 correction(s)
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Who wrote this

Craig Paton
40 article(s) here · 1 carrying a prediction
🔮 The Scottish Labour leader will meet the Chancellor and Energy Secretary Miatta Fahnbulleh this week.
2026-10-26 · assertive framing · Scottish Labour leader calls for tax hikes on big banks ahead of Budget
🔮 Oil produced from development near Shetland will be sold on the open market, while the gas produced off the Aberdeen coast will be used to meet domestic demand.
2026-10-22 · assertive framing · Aberdeen MP urges Energy Secretary to approve Rosebank oil field
🔮 But reports suggest the Rosebank oil field, which has often been clubbed together with Jackdaw, could be rejected.
2026-10-22 · assertive framing · Aberdeen MP urges Energy Secretary to approve Rosebank oil field
🔮 The Scottish Government has still not confirmed its move away from opposing oil and gas by publishing a finalised energy strategy, with reports this week suggesting it could be late 2027 before the document is released.
2026-10-21 · assertive framing · Ring-fence energy fund for north-east of Scotland, says Swinney
🔮 Scotland’s First Minister has said he hopes the announcement of approval for the Jackdaw gas field “will provide some certainty for the north east” of Scotland.
2026-10-21 · assertive framing · Jackdaw announcement must provide certainty to north east, says Swinney
🔮 Scotland’s First Minister has said he hopes the announcement of approval for the Jackdaw gas field “will provide some certainty for the north east” of Scotland.
2026-10-21 · assertive framing · Jackdaw announcement must provide certainty to north east, says Swinney
🔮 The broadcaster announced on Tuesday that the channel would move solely to BBC iPlayer from spring of next year as part of a raft of changes which will see BBC Three also move online, together with Radio 4 Extra.
2026-10-20 · assertive framing · Moving BBC Scotland online ‘wholly unacceptable’, says Scottish Government
🔮 Moving BBC Scotland online risks leaving viewers behind, corporation warned The broadcaster announced on Tuesday the channel would move solely to BBC iPlayer from the spring of next year as part of a raft of changes which will see BBC Three also move online, as well as Radio 4 Extra.
2026-10-20 · assertive framing · Moving BBC Scotland online risks leaving viewers behind, corporation warned
🔮 Scottish Social Justice Secretary Shirley-Anne Somerville and Welsh Deputy First Minister Sioned Williams sent a joint letter to UK ministers on Tuesday, calling for the benefit cap and the so-called bedroom tax to be scrapped, as well as for the UK Government to end the freeze on local housing allowance and provide targeted discounts on household bills.
2026-10-20 · assertive framing · Scottish and Welsh ministers demand action to tackle poverty in Budget
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Also by Craig Paton
Aberdeen MP urges Energy Secretary to approve Rosebank oil field
2026-10-22 · Evening Standard
Aberdeen MP urges Energy Secretary to approve Rosebank oil field
2026-10-22 · Evening Standard
Ring-fence energy fund for north-east of Scotland, says Swinney
2026-10-21 · Evening Standard
Jackdaw announcement must provide certainty to north east, says Swinney
2026-10-21 · Evening Standard
Nothing else under this byline is closely related to this article, so these are simply their most recent.
All 40 articles by Craig Paton →

Topics

Barclays Energy Labour NHS Scottish

Subjects

Labour ORG · 4× Marra PERSON · 3× Scottish NORP · 2× Barclays ORG · 1× Energy ORG · 1× Healey PERSON · 1× Miatta Fahnbulleh PERSON · 1× Michael Marra PERSON · 1× NHS ORG · 1× Treasury ORG · 1×

Narrative

Profits have spiked for big banks, with a 12% increase for Barclays in the third quarter of this year, driven, Mr Marra claimed, by “mortgage rates way outstripping the base rate and savings rates not doing so”.
framing: assertive · carried by 1 article(s) · first seen 2026-10-26
🔮 The Scottish Labour leader will meet the Chancellor and Energy Secretary Miatta Fahnbulleh this week.
2026-10-26 · Evening Standard
Scottish Labour leader calls for tax hikes on big banks ahead of Budget · assertive framing

Claims (12 extracted, 0 hedged)

Scottish Labour leader Michael Marra has called on the Chancellor to increase taxes on big banks. asserted
Marra → call → banks
Profits have spiked for big banks, with a 12% increase for Barclays in the third quarter of this year, driven, Mr Marra claimed, by “mortgage rates way outstripping the base rate and savings rates not doing so”. asserted
rates → spike → rate
The Scottish Labour leader will meet the Chancellor and Energy Secretary Miatta Fahnbulleh this week. asserted
leader → meet → Chancellor
“Labour governments should make progressive choices on tax,” Mr Marra said. asserted
Marra → make → tax
“Labour has already asked the wealthiest and richest to pay more: taxing private jets, private schools and private equity to raise revenue for public services like our NHS. asserted
Labour → ask → NHS
“Our financial services sector is strong and internationally competitive, so much so that in the first six months of this year the biggest banks have made around £15 billion of profits. asserted
banks → make → profits
“That didn’t come in efficiency savings, but mortgage rates way outstripping the base rate and savings rates not doing so. asserted
rates → come → rate
“When people are struggling to afford to turn up the heating, we should ask big business to do their bit – especially when they are seeing windfall profits. asserted
they → struggle → profits
“The banks paying their fair share would be a good place to start to fund measures that give people a bit of breathing space.” asserted
that → pay → space
It is understood Mr Marra remains open to how tax can be increased on big banks, with a hike from the current 3% they pay in corporation tax surcharges a potential avenue. asserted
they → understand → surcharges
But a Treasury spokesman refused to engage with the suggestion ahead of Mr Healey’s autumn statement on Wednesday. asserted
spokesman → refuse → Wednesday
“As has always been the case, decisions on tax are a matter for the Chancellor to set out at fiscal events, rather than routinely commenting on rumour, speculation or proposals,” the spokesman said. asserted
spokesman → set → rumour
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