UK banks brace for tax rise in Budget, reports say
UK banks are bracing for higher taxes in the upcoming Budget, as business groups push back and other sectors seek relief of their own.
What happened
UK Chancellor John Healey is reported to be poised to raise taxes on banks in the upcoming Budget.2
Senior banking executives have told the BBC they expect their sector to be targeted in a Budget tax increase.3
The Confederation of British Industry has urged the government to avoid further sector-specific taxes, such as a bank tax, saying the financial sector is vital to investment and growth.2
Separately, UK businesses more broadly are seeking rates relief for small companies and banks, as well as cheaper energy, ahead of the Budget.1
Key points
What the coverage leaves out
- None of the outlets reviewed reported the specific size or mechanism of any proposed bank tax increase.
- None of the outlets reviewed reported a direct response from John Healey or the UK Treasury to the reports.
- None of the outlets reviewed named which banks or executives were consulted.
Why it matters
The Confederation of British Industry has urged the government to avoid further sector-specific taxation such as a bank tax, arguing the financial services sector is important to investment and growth.2
What to watch
- The contents of the autumn Budget later this month, when any bank tax measures would be confirmed.
Sources (3)
Every outlet we drew on, grouped by where it is based. Read the originals for the full reporting.
Europe
- 1Financial TimesGBPrivate
- 2The Guardian BusinessGBPrivate
John Healey set to raise bank taxes in the budget – business live
- 3BBC News BusinessGBPublic broadcaster