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Healey reportedly poised to raise bank taxes in October budget

Options under discussion include restoring the bank surcharge to 8%, which could raise over £2bn a year.

Updated Oct 15, 2026 · 18:38 UTC2 reports

The short version

  • Chancellor John Healey is reportedly poised to tax Britain's banks in his 28 October budget, to offset war-related public finance damage.[The Guardian]
  • Senior banking executives told the BBC they expect the sector to be targeted when the budget is announced in two weeks.[BBC News]
  • Reversing Jeremy Hunt's cuts to the bank surcharge would raise upwards of £2bn a year, and TUC analysis puts the figure at £2.25bn.[The Guardian]
  • UK Finance and Conservative leader Kemi Badenoch have warned that further bank tax rises would weaken competitiveness and investment.[The Guardian · BBC News]

Key facts

  • Healey is reported to plan bank tax increases in the 28 October budget to offset war-related public finance damage.[The Guardian]
  • Reversing Jeremy Hunt's cuts to the bank surcharge would raise upwards of £2bn a year, according to reporting.[The Guardian]
  • TUC analysis states that a surcharge increase of this kind would raise £2.25bn a year.[The Guardian]
  • Senior banking executives told the BBC they expect the sector to be targeted in the Budget scheduled in two weeks.[BBC News]
  • UK Finance warned that further bank tax increases would weaken competitiveness, discourage investment and job creation.[BBC News]
  • Conservative leader Kemi Badenoch cautioned against further banking tax rises, citing a higher effective tax rate than other major global financial centres.[The Guardian]
  • Industry figures believe the surcharge would probably be raised back to 8% from 3% at present.[The Guardian]

What remains uncertain

  • The budget measures have not been officially announced, and the reporting relies on unnamed understanding and expectations, so the final shape is unconfirmed.[The Guardian · BBC News]
  • Whether the surcharge will return to 8% is an industry-figure expectation, not a confirmed government plan.[The Guardian]

Sources

Outlet counts describe coverage, not independent confirmation. Reports may share a wire service or original source.