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.

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