The Aporia
The Aporia
Cecil, N. (2026, October 15). Hit the City with Budget tax raid of at least £9 billion on banks, unions tell Chancellor John Healey. Evening Standard. https://www.standard.co.uk/news/london/tax-rise-banks-budget-chancellor-john-healey-city-london-b1301064.html
Cecil, Nicholas. “Hit the City with Budget tax raid of at least £9 billion on banks, unions tell Chancellor John Healey.” Evening Standard, 15 Oct. 2026, https://www.standard.co.uk/news/london/tax-rise-banks-budget-chancellor-john-healey-city-london-b1301064.html.
Cecil, Nicholas. “Hit the City with Budget tax raid of at least £9 billion on banks, unions tell Chancellor John Healey.” Evening Standard, October 15, 2026. https://www.standard.co.uk/news/london/tax-rise-banks-budget-chancellor-john-healey-city-london-b1301064.html.
Dated from the outlet's own feed. Check the original for its byline.
On October 15, John Healey, Britain's Chancellor of the Exchequer, stated during the International Monetary Fund meetings in Bangkok that banks are a 'jewel in the crown' of the British economy. Despite this praise, Healey refused to rule out imposing higher taxes on banks ahead of his Budget announcement scheduled for October 28. The four largest UK banks—HSBC, NatWest, Barclays, and Lloyds Banking Group—together reported profits of around £15 billion in the first six months of 2026, leading trade unions to call for a windfall tax on these profits to fund energy bill cuts for low- and middle-income households. However, UK Finance warned that increasing taxes could undermine competitiveness and hinder job creation. The banking sector currently pays a 3% surcharge on top of the standard 25% corporation tax rate, contributing nearly £40 billion annually when including income tax from employees.
