Guardian editorial backs higher taxes on British banks

Summary

The Guardian says John Healey is planning to tax British banks in the forthcoming budget and argues that the government should reclaim more of the sector’s windfalls. The editorial says higher interest rates helped drive banks’ profits and that restoring the bank surcharge from 3% to 8% could raise around £2bn a year. It also notes that banks argue higher taxes could limit lending and that their profits may not last.

Timeline

1. The Guardian

   16 Oct 2026, 16:52 UTCSource ↗

   The Guardian argues that Britain should tax banks more heavily, reporting that John Healey plans a bank tax in the forthcoming budget and that restoring the surcharge to 8% could raise around £2bn a year.