Healey considers targeting banks with tax hikes in the Budget – what we know

• Chancellor John Healey is reportedly considering reversing the previous Conservative government's reduction in the banking profit surcharge from eight to three per cent.
• Trades Union Congress general secretary Paul Nowak supported the move, stating that reversing the cut could raise £2.25bn annually from banks' bumper profits.
• The Institute for Public Policy Research also recommended a surcharge on bank profits to help rebuild fiscal buffers and support struggling households.
• Business groups and the Conservative opposition warned against the plan, arguing sector-specific taxation would damage UK competitiveness and stifle investment.
• The Chancellor warned the public to prepare for a tough autumn budget on 28 October amid soaring government borrowing costs and global economic pressures.

IN FULL

John Healey faces calls to hike taxes on ‘bumper profits’ of banks as Iran war hits public finances