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2 clusters · 5 sources · 1 days · First seen · Last updated

UK government potential bank tax increases

Overview

The British government is considering tax increases targeting the banking sector in its upcoming autumn Budget. Proposals suggest raising the surcharge on bank profits, potentially increasing the corporation tax rate by up to five percentage points for profits exceeding £100 million. This move aims to fund support for small businesses and low-income households facing high energy costs.

Major financial institutions, including HSBC, NatWest, and Santander, are preparing to release third-quarter financial results amidst this speculation. While Barclays indicated that a tax hike would be “bearable” due to international revenue, Santander’s Executive Chair, Ana Botín, has characterized the proposal as discriminatory.

The government is navigating a tightening fiscal margin, attempting to balance defense spending and household support with strict fiscal rules. Analysts estimate the available fiscal cushion to be between £12 billion and £23.6 billion.

Entities

John Healey · HSBC · Ana Botín · Barclays · NatWest Group

Timeline

  1. [BUSINESS] 3 sources
    United Kingdom considers bank tax increases in upcoming budget

    The UK government may increase taxes on bank profits exceeding £100 million to fund energy cost relief for households and SMEs.

  2. [BUSINESS] 2 sources
    UK banks prepare for profit reports amid potential tax hike

    UK banks like Barclays and Lloyds prepare to report strong third-quarter profits amid speculation that the autumn Budget may increase the surcharge on bank profits from 3% to 8%.

Sources

ariadna.elmundo.es · merca2.es · notiulti.com · rotherradio.co.uk · standard.co.uk