The Aporia
The Aporia
Saker-Clark, H. (2026, October 20). Budget tax hikes for financial sector would be ‘own goal’, says CBI. Evening Standard. https://www.standard.co.uk/news/politics/john-healey-budget-confederation-of-british-industry-london-b1301695.html
Saker-Clark, Henry. “Budget tax hikes for financial sector would be ‘own goal’, says CBI.” Evening Standard, 20 Oct. 2026, https://www.standard.co.uk/news/politics/john-healey-budget-confederation-of-british-industry-london-b1301695.html.
Saker-Clark, Henry. “Budget tax hikes for financial sector would be ‘own goal’, says CBI.” Evening Standard, October 20, 2026. https://www.standard.co.uk/news/politics/john-healey-budget-confederation-of-british-industry-london-b1301695.html.
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The CBI’s director general, Dame Kate Newton-Smith, warned that proposed tax hikes on the financial sector would harm Britain's competitiveness. Speaking at the CBI’s London autumn reception at the British Museum, she argued against increasing the surcharge on bank profits from 3% to 8%, as reportedly considered by Chancellor Simon Healey. Newton-Smith emphasized that the UK’s financial services support over 650,000 jobs outside of London and contribute more than £200 billion annually to the economy. She urged the government to focus on supporting thriving sectors rather than imposing additional taxes that could hinder business growth and investment.
the Budget next week must be about giving business breathing space and backing wealth creation
