Budget 2026: Healey doubles bank tax to fund energy package Banking John Healey has confirmed a “time limited” tax hike on the UK banking sector as a means to fund the government’s energy support package. The Chancellor will double the surcharge, which sits on top of corporation tax, to six per cent. The increase will begin in January and continue for 15 months. “I want to [...]
Santander UK turns to more cost-cutting after profit slip Banking Santander UK said it expects to make more “efficiencies” after its profit slipped in the first nine months of the year due to a drag from restructuring costs and motor finance costs. The UK arm of Spain’s Banco Santander reported a £1.2bn pre-tax profit for the nine months ending 30 September, down six per cent [...]
When will Burnham bring his whole self to work? Politics There have been relatively few Budget leaks ahead of next week’s fiscal event but the little we have been able to discern, while still technically in the realms of speculation, has been depressing. The latest suggestion – that people handing over the reins of a family business to the next generation could be hit with [...]
Stages of tax grief: Is it time for bankers to bargain? October 7, 2026 Banks are in the firing line at the Budget and in a meeting with bosses on Tuesday chancellor John Healey played coy on any increased rates. In this week’s column Samuel Norman looks at what trade-off could be made. Also on the cards, fresh data shows fintechs are lurching ahead of the incumbents on customer [...]
HSBC kicks off $1bn share buyback after profit smashes forecast August 4, 2026 HSBC has resumed its share buyback programme after profit soared past expectations in the second quarter of 2026. The FTSE 100 bank – whose market cap of £274bn makes it the London Stock Exchange’s most valuable company – posted $10.1bn (£7.5bn) in pre-tax profit for the last three months, surging past an internal forecast of [...]
Revolut will become $1 trillion company by 2035, says early VC backer July 31, 2026 Revolut will secure a price tag of $1 trillion within a decade, an early backer of the fintech has claimed. The digital banking juggernaut is in the midst of a secondary share sale at an expected valuation of $115bn and was last valued at $75bn in November 2025, when it landed investment from chip giant [...]
Second time lucky for Lucy Rigby? July 29, 2026 The Square Mile has welcomed its fifth City minister in two years and a familiar face is back in the hot seat- but can she deliver? Few tears were shed in the City when it became clear that Rachel Reeves would be out of Number 11 Downing Street. Yet the surprise return of her erstwhile [...]
Dimon threatens to ditch JP Morgan tower in tax warning to Burnham July 21, 2026 The boss of JP Morgan has refused to commit to the future of the bank’s planned £10bn tower in Canary Wharf as he warned Andy Burnham’s new government against penalising the banking sector with a raft of new taxes. Jamie Dimon, the chief executive of the US financial behemoth, said he hoped that London would [...]
UK banks fear a ‘disaster’ with Ed Miliband as Chancellor June 24, 2026 City banks are fretting over the prospect of Ed Miliband as Chancellor as Andy Burnham mulls who he will give the keys to Number 11. The banking industry is bracing for a shake-up at the Treasury and fears it could be hit with a fresh raft of taxes under a new Chancellor while key deregulatory [...]
Banks call for ‘political mandate’ to bolster European defence June 8, 2026 The banking industry has issued a rallying call for a “political mandate” from the UK and EU in a bid to get regulators to open the taps to a fresh flood of defence financing. A new report from UK Finance – which represents the nation’s financial services giants from Lloyds to Revolut – has called [...]