Claims extracted
23
sentences that state something as happening or true
Uncertain
22%
5 of 23 hedged
("reportedly", "may", "according to")
Leaning
withheld
no quote in the article backed the model's score
Publisher signals
68/100
Daily Mail's corrections and
hedging, across everything collected from it. Not a measure of accuracy.
Outlets on this story
120
Politics
Same framing elsewhere
1
articles that frame the event the way this one does
Bank shares soared today as John Healey’s tax raid on the sector was not as punishing as feared.
asserted
raid → soar → sector
In his first Budget, the Chancellor doubled the bank surcharge from 3 per cent to 6 per cent, raising money to help with household energy bills.
asserted
Chancellor → double → bills
The higher levy on bank profits – which comes on top of corporation tax of 25 per cent – will last for 15 months from January.
asserted
which → come → January
It is feared the attack on bank profits will push up borrowing costs for households and businesses and hold back the economy.
But the increase in the surcharge was not as large as feared amid speculation Mr Healey would raise it to 8 per cent – even after describing the industry as a ‘jewel’ in the crown of the British economy.
And it was well below the 16 per cent demanded by the TUC, which even suggested introducing a 35 per cent surcharge on bank profits would raise £15billion a year.
uncertain
introducing → fear → 15billion
Lloyds shares leapt as the Budget tax raid turned out to be not as bad as forecast
Bank shares, which have been under pressure in recent weeks as investors fretted about the scale of Labour’s planned tax raid, rebounded.
asserted
investors → leap → raid
Lloyds and NatWest shares rose around 3 per cent while Barclays was up more than 2 per cent and Standard Chartered gained more than 4 per cent.
asserted
Chartered → rise → cent
Neil Wilson, investor strategist at Saxo, said ‘banking stocks rallied sharply’ as the Budget proved ‘better than the market’s worst fears for a bank tax raid’.
asserted
Budget → say → raid
Ahead of the Budget, TUC general secretary Paul Nowak said bumper profits across the industry 'make it blatantly obvious banks can afford to contribute more'.
asserted
banks → say → more
But Shadow Chancellor Andrew Griffith said higher taxes would push up 'the cost of credit for businesses and mortgage-holders' while also 'rendering the City less competitive than its international rivals'.
asserted
City → say → rivals
UK Finance warned a fresh tax raid would make the UK even more of an international outlier, pointing out that UK banks are currently taxed at a rate of 46.5 per cent once employment levies and VAT are taken into account.
asserted
levies → warn → account
That compares with 39.1 per cent in Frankfurt and 27.9 per cent in New York.
asserted
That → compare → York
Peter Johnson, financial services tax policy leader at Deloitte, said: ‘While recent profits may have put banks in the spotlight, higher taxes can have consequences beyond the sector itself if they constrain the flow of credit, increase financing costs for individuals and businesses, or weigh on growth.
uncertain
they → say → growth
‘So confirmation that this is a temporary measure limited to 15 months will likely be met with quiet relief by the sector, which is already taxed at a higher rate than most other types of business.
asserted
which → limit → business
International investors will nevertheless be looking closely at what it means for the UK as a place to invest.
asserted
it → look → place
‘Clarity over the tax environment once the temporary measure ends will be important for banks and the wider financial services sector.
asserted
measure → end → banks
A stable and predictable approach will help support the UK’s competitiveness and inward investment.’
asserted
approach → help → competitiveness
Mark Eastwood, director of corporate sales at property lender Together, said: : ‘Having declared the Banking sector the jewel in the crown of the country’s economy the Chancellor’s decision today to increase the rate profit surcharge for banks undoubtedly removes some of the sheen.
‘
asserted
decision → say → sheen
The Treasury would have judged today’s decision as necessary given the diminishing fiscal headroom and a desire to keep personal tax changes to a minimum, but given the centrality of the sector to the economy, the effects of the tax are likely to trickle down to everyday British people.
asserted
effects → judge → people
‘Beyond a potential acceleration of plans to lay off workers or move certain operations out of the country, banks may look to offset the effects of the tax by lowering interest rates deals for savers and increasing mortgage rates.
uncertain
banks → lay → rates
‘Mortgage borrowers are already contending with a market grappling with a cauldron of unpredictable swap rates and rising inflation, so an additional upward pressure may cause first time buyers to pause plans, and existing borrowers to cut back on additional spending to cope with increased rates.’
The current surcharge comes on top of the main rate of corporation tax – meaning banks already pay a higher rate than other businesses.
The extra levy on the banks was cut by the Tories from 8 per cent to 3 per cent in 2023 at the same time that corporation tax was raised from 19 per cent to 25 per cent.
uncertain
tax → contend → cent
If you take out a product This is Money may earn a commission.
uncertain
is → take → commission
These deals are chosen by our editorial team, as we think they are worth highlighting.
asserted
they → choose → team
This does not affect our editorial independence.
asserted
This → affect → independence
The Aporia
