John Healey poised to raise taxes on banks in budget
UK Chancellor John Healey is considering raising taxes on banks in the upcoming budget to help cover public finance deficits exacerbated by the war in the Middle East. The move is supported by unions who argue that banks are profiting excessively from high interest rates.
Why it matters
This potential tax hike reflects the economic pressure on the UK government to balance budgets while managing the fiscal impact of global geopolitical instability.
John Healey talking to Germany’s Lars Klingbeil and Australia’s Jim Chalmers during the IMF/World Bank meeting in Bangkok on Thursday. John Healey talking to Germany’s Lars Klingbeil and Australia’s Jim Chalmers during the IMF/World Bank meeting in Bangkok on Thursday. Budget 2026 John Healey poised to raise taxes on banks in budget Exclusive: Chancellor to target sector in his first budget, to help offset Iran war’s damage to public finances
Prefer the Guardian on Google John Healey is poised to tax Britain’s banks in his 28 October budget, to help offset the damage inflicted on the public finances by war in the Middle East, the Guardian understands.
The chancellor is in Bangkok, where the International Monetary Fund has praised the UK’s progress towards balancing the books, urging him to “stay the course”.
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