U.K. Financial Sector Mobilizes Against Proposed Bank Tax in Upcoming Budget

Business leaders intensify pushback against Healey's proposed bank tax as budget approaches.

October 2, 2026 One Min Read

POLICY WIRE — City, Country — Leading business organizations in the U.K. are ramping up efforts to challenge a potential tax increase on the banking sector ahead of the upcoming budget announcement.

The financial district is preparing for a major confrontation over the proposed tax measures, even as key figures from the sector meet with Chancellor John Healey in the coming days.

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Industry leaders have expressed concerns about the potential impact of a tax raid on banks, with several lenders, including Revolut, Monzo, and Shawbrook, calling for an increase in the profit threshold before the surcharge applies. This comes after previous attempts to impose similar taxes were met with strong resistance.

Reporting by Policy-Wire (PW)

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