‘Watch this space’: Jenrick refuses to rule out bank tax
Reform UK’s Treasury spokesman refused to rule out a banking tax mooted by the party’s leader Nigel Farage, who said he would hit lenders because he didn’t “like” them. Speaking at a Reform conference event organised by City industry representatives, Jenrick said the party had not committed to banking taxes. However, the party’s economic chief [...]
Reform UK's Treasury spokesman, Giles Jenrick, has refused to rule out the possibility of a banking tax, despite the party not yet committing to such a measure. At a Reform conference event, Jenrick stated that he believes Chancellor John Healey would target banks at the upcoming Budget to raise revenue, given the sector's high profits.
He also noted that Reform UK's economic chief, Nigel Farage, is particularly concerned about the Bank of England's reserve interest payments to commercial lenders, and suggested there could be merit in ending these payments. Reform UK had proposed stopping the Bank from paying interest on reserves in their 2024 manifesto, which they claimed would save taxpayers £40 billion.
Jenrick emphasized that while Reform UK has not set out plans to increase taxes on banks, they are "watching this space" and will "adjust" as needed.
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