Raising bank taxes will reduce jobs, former Chancellor Hunt warns Healey
Former Chancellor Jeremy Hunt has issued John Healey a major warning over any increase to the level of taxes paid by UK banks ahead of the forthcoming Budget. The top Tory MP, who has sat on the back benches since Labour came to power in 2024, said Healey must ignore the “siren voices” calling for [...]
Former Chancellor Jeremy Hunt has issued a stern warning to John Healey regarding potential increases in taxes for UK banks ahead of the upcoming Budget. Hunt, who served as Chancellor under Liz Truss and Rishi Sunak, cautioned that raising the levy on banks could lead to a decrease in investment, lower growth, and fewer jobs. He argued that capital is highly mobile and that implementing a more burdensome tax regime could result in economic turmoil, generating less revenue for the national coffers instead of more.
Hunt's warning comes as various stakeholders, including housing secretary Angela Rayner, have called for a raise in the sector-specific levy to boost government revenue. However, Hunt's stance emphasizes the potential negative consequences of such a move, highlighting the need to maintain a balance between tax revenue and economic growth.
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