Natwest and Nationwide set for biggest profit hit from Healey’s bank tax raid Banking 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 [...]
Healey tells Bailey to loosen UK banking regulation after tax hike Banking John Healey has told Bank of England governor Andrew Bailey to loosen banking regulation “as quickly as possible” after the government raised taxes on the sector in the Budget. The Chancellor wrote to Bailey following the Budget with a direction for the Financial Policy Committee (FPC) to balance its stability mandate with support for economic [...]
JP Morgan slams Healey for bank tax hike that ‘lacks principle’ Banking 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 [...]
Budget 2026: Healey doubles bank tax to fund energy package October 28, 2026 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 [...]
The anatomy of a bank tax: what can the UK learn from Europe? October 26, 2026 With days to go until John Healey delivers a Budget expected to target banks with a cash raid, Samuel Norman looks at the UK bank tax framework and other experiments across Europe. For years City lobbyists managed to bat away demands for a bank tax hike. As Chancellor, despite delivering two tax-heavy Budgets, Rachel Reeves [...]
John Healey rules out capital gains tax hike in Budget October 20, 2026 John Healey has squashed speculation he will raise capital gains tax in the forthcoming Budget after rejecting calls from his Cabinet colleagues. The Treasury was facing lobbying efforts from top ministers, including Louise Haigh and Wes Streeting, to raise the capital gains tax (CGT) rate from its current level of 24 per cent for higher [...]
What could a bank tax raid mean for JP Morgan’s Canary Wharf mega-tower? October 16, 2026 When Jamie Dimon and John Healey first exchanged remarks, the world’s most influential banker told the Chancellor how important it was to get public policy right. The Wall Street chief is understood to have said the right public policy was the key to solving the issues facing global economies, according to those close to the [...]
Healey’s ‘mixed messages’ on bank tax leave City blindsided October 16, 2026 The City was left reeling on Friday following reports that John Healey was drawing up plans to tax banks in the forthcoming Budget. Industry heavyweights across the UK have fired warning shots as Healey weighs up different options to target the banking industry with a hefty cash raid. One City figure told City AM a [...]
Lloyds and Barclays shares fall as Healey ‘poised’ to hike bank tax October 16, 2026 Shares in Britain’s banking giants tumbled this morning after new reports suggested John Healey is set to raise taxes on lenders when he delivers his first Budget at the end of the month. Natwest dropped two per cent to 660.40p, while Lloyds was down around 2.5 per cent to 103.40p. Barclays slid 0.4 per cent [...]
Tories to warn Burnham on ‘bending to left’ on bank tax raid October 14, 2026 Kemi Badenoch is expected to fire a bank tax warning shot to the Labour government on Thursday during a visit to Edinburgh. The Conservatives will warn Andy Burnham against “bending the knee to left-wing backbenchers and trade union paymasters,” as the pre-Budget debate heats up. It follows the banking sector swinging into defence mode ahead [...]