Budget Tax Raid On Banks

What happened

The outlets' own sentences, most widely reported first. Hover or tap one to see who reported it.

Analysis

How it changed

1. 15 Oct

   John Healey has described the banks as part of "the crown jewels" of the UK economy, yet has refused to rule out a raid on the sector.

   2 outlets · BBC

Coverage 5 articles

• 16 Oct Bank shares drop on reports Chancellor planning Budget tax raidBank shares fell in early Friday trading as reports surfaced that UK Chancellor John Healey is considering raising taxes on banks to address the government’s budget deficit. Lloyds Banking Group and NatWest saw their stocks drop by 2%, while Barclays followed suit. The potential change involves reinstating a surcharge from 3% to 8% on bank profits, reversing a cut made by former Chancellor Jeremy Hunt. This move…Evening Standard
• 15 Oct John Healey urged to hike taxes on banks’ ‘bumper profits’ in BudgetJohn Healey is being urged by critics to raise taxes on banks due to their high profits. Banks are currently making about one billion pounds per week in profit and paying bonuses at record levels post-financial crisis, according to reports. The Guardian indicates that reversing Jeremy Hunt’s reduction of the bank surcharge tax from 8% to 3% could help the Treasury recover £6 billion lost revenue. Trade unions and…Evening Standard
• 15 Oct Hit the City with Budget tax raid of at least £9 billion on banks, unions tell Chancellor John HealeyPaul Nowak, General Secretary of the TUC, is urging Chancellor John Healey to impose higher taxes on banks' substantial profits to help alleviate rising energy costs for households. The proposal includes raising a bank surcharge from 3% back to 8%, potentially generating £9 billion over four years. The article highlights that the big four banks—HSBC, NatWest, Barclays, and Lloyds Banking Group—made around £15…Evening Standard
• 15 Oct Banks expect to be hit in Budget tax raidSenior banking executives anticipate additional taxes during the upcoming Budget announcement due to recent profit figures. The four largest British banks earned approximately £15 billion in profits over the first half of this year, prompting discussions about increasing their tax burden. Industry experts caution that raising taxes could harm competitiveness and stifle investment and job creation, while…BBC
• 15 Oct Healey hails banks as 'jewel in the crown of the British economy' amid fears over Budget tax raidChancellor John Healey praised banks as "a jewel in the crown of the British economy" during IMF meetings in Bangkok, signaling potential resistance to calls for higher taxes on the industry from Labour MPs and unions. Despite this positive stance, he declined to rule out imposing such taxes ahead of his Budget speech on October 28. Meanwhile, business groups have warned against a tax raid due to concerns over its…Daily Mail

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