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 [...]
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 [...]
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 [...]
Revolut to take fight to high street banks with UK personal loans October 26, 2026 Revolut is ramping up its battle with high street banking giants with the launch of personal loans in the UK market. The digital bank said on Monday it would begin offering loans between £2,000 and £25,000, which will be repayable over one to five years. The firm has insisted loans will have “transparent terms” and [...]
Union fury at Natwest plans for staff to attend the office TWO DAYS a week October 20, 2026 Natwest is facing backlash from trade union Unite over a new plan to require workers to attend the office for a mandatory two days a week. On Tuesday Unite, which represents over 1 million workers across private, public, and voluntary sectors, including some Natwest employees, said the lender’s decision was “out of touch with the [...]
Midday Markets: The one tax you could bank on October 16, 2026 The Midday Market report is a new newsletter from City AM, giving you fresh analysis on the biggest stories in the City straight into your inbox every lunchtime. Today, Ali Lyon, chews over the government’s plans for a windfall tax on banks. Sign up to the City AM News Updates newsletter here. It was, in [...]
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 [...]