Big bank bosses on alert as tax noise gets louder under Burnham Banking Banks have delivered booming profits for the first half of the year. In this week’s column Samuel Norman takes a look at how the calls for a tax rise on the sector will get louder under the new Prime Minister. “The saxophones are getting louder” is the internet’s new saying to depict growing anxiety. If you [...]
Natwest hikes targets again after jump in profit Banking Natwest has upgraded its income targets for a second quarter running as the bank posted better than expected profit and dished out a bumper dividend to investors. The blue-chip lender reported a 20 per cent jump in pre-tax profit in the first six months of 2026 to £4.3bn, up from £3.6bn the year prior and [...]
Lloyds beats profit target as bank sets sights on more cost-cutting Banking Lloyds Banking Group beat its profit forecast for the first half of the year as the bank’s top boss laid out plans to make further cost savings in the years ahead. The FTSE 100 lender – which owns the Bank of Scotland and Halifax – recorded a £4.3bn pre-tax profit in the first half of [...]
Mahmood called for banker bonus tax to fix youth unemployment July 17, 2026 Shabana Mahmood has previously called for a tax on banker bonuses to fix youth unemployment in a move that will renew fears the sector could be targeted for a cash grab. The front-runner to be Andy Burnham’s Chancellor was a staunch supporter of a bill set out by Labour in opposition that sought to levy [...]
Bank of England warns Burnham of UK economy’s ‘big issue’ July 14, 2026 The Bank of England has warned Andy Burnham that economic growth remains the “big issue” facing the UK economy as he prepares to take the keys to Number 10. Andrew Bailey, the central bank governor, told policymakers on Tuesday that the UK has had “low growth for the best part of 16 to 17 years”. [...]
Wimbledon: HMRC set to slap Sinner and Noskova with £1.6m tax bill July 13, 2026 Wimbledon winners Jannik Sinner and Linda Noskova have been slapped with whopping multi-million pound tax bills after bagging £3.6m apiece at the All England Club. Sinner defended his title with a four-set win over French Open champion Alexander Zverev on Sunday while Noskova toppled Czech compatriot Karolina Muchova in three sets on Saturday. Both picked [...]
JP Morgan’s Jamie Dimon under fire over whether he lobbied Treasury on Epstein advice July 13, 2026 The boss of JP Morgan is facing mounting scrutiny from US lawmakers on whether he lobbied the UK government on tax affairs on the advice of convicted sex offender Jeffrey Epstein. Jamie Dimon – who is well-regarded as one of the world’s most influential figures in finance – said under oath in 2023 that he [...]
‘Too much tax, too much regulation’: Fintech chief sounds alarm on UK economy and IPO market July 7, 2026 The boss of one of the UK’s fastest-growing fintech unicorns has warned the country risks “putting founders off” with overregulation and heavy taxation as speculation rises that the Labour government could make a major lurch to the left. Paul Taylor, who founded banking software firm Thought Machine in 2014, told City AM he feared UK [...]
King Charles to publish tax bill for ‘transparency’ June 21, 2026 The King is to become the first head of state to reveal their personal tax bill to help enhance transparency around royal finances. Charles will publish his financial details as his royal household seeks to increase “clarity and accessibility” around the monarchy’s finances by producing a new report on the subject. The decision by the King, [...]
Inheritance tax enquiries surge to six-year high after HMRC clampdown June 17, 2026 Tax authority probes into households’ inheritance tax returns have surged to a six-year high, after a government-led crackdown on avoidance and non-compliance. HMRC opened a total of 4,940 formal inheritance tax enquiries over the last financial year, according to new data obtained by chartered accountants Price Bailey, an 18 per cent increase on the previous [...]