Published • loading... • Updated
John Healey to raise taxes on banks in budget: Report
Analysts say a higher surcharge could raise billions, as the four biggest banks made about £15 billion in profit in the first half of the year.
- On Thursday in Bangkok, British Chancellor of the Exchequer John Healey refused to rule out taxing bank profits in his October 28 budget, describing banks as "the crown jewels" of the economy while signaling decisions must be made.
- The big four banks—HSBC, NatWest, Barclays, and Lloyds Banking Group—generated around £15bn profit in the first half of this year, while the current 3% surcharge was reduced from 8% under former Chancellor Rishi Sunak.
- Trade body UK Finance warned that "further increases in bank taxes would weaken competitiveness," while the Left-leaning Institute for Public Policy Research urged the Treasury to raise an extra £16 billion to assist struggling households.
- Senior banking executives told the BBC they expect the sector to be "on the menu" when the Chancellor announces his budget, with analysts suggesting a return to the 8% surcharge or a smaller increase as likely options.
- Healey told reporters he intended to "stay the path" on deficit reduction as high interest rates narrow his fiscal margin and the Treasury must meet reduction targets by the 2029/30 tax year.
Insights by Ground AI
8 Articles
8 Articles
Healey Plans to Raise UK Taxes on Banks at Budget This Month
·New York, United States
Read Full Article
Britain raises taxes.. British Finance Minister John Healey is preparing to increase fees from the banking sector as part of the first budget, which will be presented on October 28, Bloomberg reports
Britain raises taxes.British Finance Minister John Healey is preparing to increase fees from the banking sector as part of the first budget, which will be presented on October 28, Bloomberg reports.The measure will affect the...
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
Read Full Article
Coverage Details
Total News Sources8
Leaning Left0Leaning Right2Center4Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
C 67%
R 33%
Factuality
To view factuality data please Upgrade to Premium
