John Healey poised to raise taxes on banks in budget (www.theguardian.com)

submitted 1 day ago by FrogCat@piefed.social to c/uk_politics@feddit.uk

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Apparently the Chancellor wants to reverse a cut to a surcharge that banks pay on their profits, on top of normal corporation tax. The surcharge was 8%, then Jeremy Hunt cut it to 3%, so Healey apparently might set it back to 8%.

[Healey is] believed to be minded to increase the surcharge banks pay on their profits, over and above corporation tax. Industry figures believe that will probably mean raising the surcharge back to 8%, from 3% at present.

Thoughts?

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[-] cman6@lemmy.world 2 points 22 hours ago

Presumably because of the amount of profit they are making.

Apparently HSBC made £14 billion profit in 2026: https://www.independent.co.uk/bulletin/news/hsbc-profit-shares-bank-tax-b3027061.html

My quick maths suggests they'll pay an extra £700 million in tax. So they would still clear over £13 billion in profit!

[-] HubertManne@piefed.social 1 points 22 hours ago

so its the highest profit corpos? I mean I know banks make a lot of (pardon the pun) bank, but so do many companies. I was thinking maybe its because they can't really leave.

[-] cman6@lemmy.world 1 points 1 hour ago

Good pun!
That is a good point about them not leaving. Although I suppose any bank could choose to stop operating in the UK if they really didn't want to pay the extra percentage. Seems unlikely though

[-] HubertManne@piefed.social 1 points 1 hour ago

yeah a bank could stop operating but it means no access to uk money. like other corps could theoretically leave and sell products to somewhere where it ultimately gets to the uk. I guess relistically though they all face that but I was thinking banks are a bit more stuck.

this post was submitted on 16 Oct 2026

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