Key facts
- A tax raid on UK banks could raise billions of pounds.
UK Chancellor John Healey is preparing to raise taxes on the banking sector in his first Budget on October 28, a move that Nigel Green, CEO of deVere Group, warns would harm mortgage holders, savers, and small businesses. Banks are already facing a 3% surcharge on profits above £100 million, and potential increases could raise billions.
A potential tax increase on UK banks could lead to higher borrowing costs for individuals and businesses, reduced returns for savers, and impact pension funds and ISAs that hold bank shares.
UK Chancellor John Healey is reportedly planning to increase taxes on the banking sector in his upcoming Budget on October 28. Nigel Green, CEO of deVere Group, warned that such a move would negatively affect mortgage holders, savers, and businesses, while also potentially harming London's competitiveness as a financial center. Banks already face a 3% surcharge on profits exceeding £100 million, and Healey is considering options such as restoring this surcharge to 8% or increasing the bank levy, which could raise significant revenue.
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