Quick reminder to anyone not super across what banks have to pay in taxes, their current rate is a 3% surcharge on profits, on top of the 25% corporation tax rate.
All banks operating in the UK – both British and foreign – pay this levy, and the sector has recorded tremendous profits in recent years driven by higher interest rates. (Markets are also assessing that the central bank will most likely raise rates next month to 4%.)
Taxing the big banks a little bit more has long been mooted as a voter-friendly way for Healey to raise some cash.
