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John Healey to raise taxes on banks in budget: Report
Healey said banks are central to Britain’s economic future as analysts expect a surcharge increase that could raise billions of pounds.
- On Thursday, British Chancellor of the Exchequer John Healey refused to rule out a windfall tax on banks in his first Budget on October 28, describing the sector as part of "the crown jewels" of the UK economy.
- With banks profiting from rising interest rates, analysts view a surcharge increase as likely, with options including a return to the previous 8% level or a 2-3 percent rise to the current 3% surcharge.
- Trade body UK Finance warned that "further increases in bank taxes would weaken competitiveness, discourage investment and job creation, and work against the government's ambition to deliver growth," noting the sector contributed nearly £40bn last year.
- Senior banking executives believe the sector is "on the menu" for the upcoming Budget, while the Guardian reported Healey is poised to tax banks by reversing previous surcharge cuts.
- Healey told reporters he intends to "stay the path" on deficit reduction, aiming to reinforce fiscal plans in his Budget while providing breathing space amid rising global interest rates.
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Healey Plans to Raise UK Taxes on Banks at Budget This Month
·New York, United States
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UK's Healey says banks are key to economy but keeps tax options open
British finance minister John Healey said banks were central to the country's economic future on Thursday when pressed by reporters about the likelihood of a windfall tax on their bumper profits in his first budget on October 28.
·London, United Kingdom
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Coverage Details
Total News Sources4
Leaning Left0Leaning Right1Center3Last UpdatedBias Distribution75% Center
Bias Distribution
- 75% of the sources are Center
75% Center
C 75%
R 25%
Factuality
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