Chancellor John Healey reportedly poised to raise taxes on banks in the 28 October Budget

Summary

The Chancellor summoned the heads of the UK's banks on 1 October, as industry leaders voiced concern at the prospect of lenders being targeted with tax rises, and on 9 October City bosses warned Healey that hiking bank taxes could drive business out of the UK, the Evening Standard and The Independent reported. On 14 October the Financial Times reported that Conservative leader Badenoch was sounding the 'alarm' on a potential Budget tax raid on banks, and on 15 October The Guardian reported that John Healey is poised to tax Britain's banks in the Budget on 28 October to help offset the damage inflicted on the public finances by war in the Middle East, the Financial Times that Healey signalled a bank tax raid, and BBC News that senior banking executives expect to be 'on the menu'. On 16 October major UK banks saw their share prices fall after reports that the Chancellor is set to raise tax on lenders, Sky News reported, as speculation grew that Healey is poised to hike the surcharge banks pay on their profits, according to the Evening Standard and The Independent, City A.M. reporting that the City was left reeling and The Telegraph that UBS warned a bank tax would raise mortgage costs. The Evening Standard and The Independent also reported that the IMF warned John Healey to consider spending cuts rather than raising bank taxes.

Latest: The Evening Standard and The Independent reported that the IMF warned John Healey to consider spending cuts rather than raising bank taxes, after reporting that the Chancellor was urged to hike taxes on banks' 'bumper profits', while bank shares fell on reports of a Budget tax raid, according to Sky News, and UBS warned that a bank tax would raise mortgage costs, according to The Telegraph.

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