Key facts
- Healey stressed banks' integral role in the UK's economic future.
- Healey was speaking amid speculation about a potential windfall tax on bank profits.
- Healey is due to present his first budget on October 28.
British finance minister John Healey stated on Thursday that banks are central to the country's economic future, while being questioned by reporters about the possibility of a windfall tax on their profits. Healey, whose first budget is scheduled for October 28, noted that banks are 'hardwired into the economic fabric of this country and our future prospects.' He added that he has decisions to make in the budget. In a separate interview, Healey described banks as 'a part of the jewel, if you like, in the British economic crown.' British banks argue they are already highly taxed compared to those in some other major economies, and some analysts fear higher taxes could lead to increased charges for customers.