Natwest shares slump after muted quarter Banking Natwest shares fell after the bank delivered its third-quarter following a muted quarter for profit growth. The FTSE 100 bank recorded a pre-tax profit of £2.2bn, broadly in line with internal consensus and up 1.9 per cent from the same period last year. Its stock fell some four per cent to 611p in early trading. [...]
Why the City isn’t buying a ‘time-limited’ bank tax hike Banking John Healey may have opened Pandora’s Box with an increase to the UK bank surcharge. Samuel Norman looks at whether he will resist the temptation to extend it. Few things in British politics have proved to be as permanent as a “temporary” tax. When the Conservatives introduced the 25 per cent energy profits levy in [...]
UK Finance chief: Labour must keep its promise that the bank tax is temporary Opinion Taxes introduced in response to temporary pressures have a habit of outlasting them. Labour must keep its promise on the bank tax, writes David Postings.
Natwest and Nationwide set for biggest profit hit from Healey’s bank tax raid October 29, 2026 Natwest, Nationwide and Lloyds are set to feel the biggest hit to profit from John Healey’s bank tax raid, analysts have said. The trio of British banks, which have a larger domestic focus than their peers HSBC and Barclays, are the most exposed to Healey’s doubling of the surcharge, according to analysts at RBC. The [...]
Mark Kleinman: A Poundland probe should not be discounted October 29, 2026 Mark Kleinman is Sky News’ City editor and the man who gets the Square Mile talking in his City AM column. A Poundland probe should not be discounted Two for less than two quid. It sounds like the kind of offer shoppers expect to find on the shelves of a discount retailer, not a summary of its recent [...]
A breathing space Budget? This is asphyxiation October 29, 2026 If there were treats in John Healey’s pre-Halloween Budget they were hidden in a gloopy soup of tricks. Forget the talk about a low-key, ‘do no harm’ fiscal event; the Chancellor has delivered a mess of new interventions, subsidies, tax rises, quangos and complications against a backdrop of truly terrifying economic forecasts. Let’s start with [...]
Autumn Budget 2026: Labour is treating London as a cash cow October 28, 2026 The plans that John Healey announced today to squeeze more from banks will hit London hardest too. Our world-beating financial services sector won’t stay in the City and Canary Wharf for long if it becomes uncompetitive. Instead of letting London’s key business sectors thrive, Labour punishes success, and every time they do, it is Londoners [...]
Autumn Budget 2026: Bank tax will hardly ‘do no harm’ October 28, 2026 This Autumn Budget fell a little short of the ‘do no harm’ test, especially concerning the bank tax, writes Miles Celic
JP Morgan slams Healey for bank tax hike that ‘lacks principle’ October 28, 2026 JP Morgan has slammed the Labour government for raising taxes on the UK banking sector and said the move “lacks principle”. Wall Street’s biggest bank, which serves over 2.5m UK users through its retail arm Chase, said it is “committed” to the UK but raised concern over the targeting of the sector in John Healey’s [...]
HSBC ‘encouraged’ by Burnham agenda despite tax threat and growth downgrade October 27, 2026 HSBC’s finance boss said the bank is “very encouraged” by Andy Burnham’s agenda, despite slashing its UK growth forecast ahead of a potential tax raid. Pam Kaur, HSBC’s chief financial officer, said: “The UK is our home market, our focus in the UK is supporting customers with their growth ambitions.” But when asked about a [...]