Budget 2026: If Healey really thinks banks are a jewel in the crown why is he raising taxes?
Banks already play billions in tax. If John Healey really wants to Budget for growth, investment and predictability, he should keep taxes stable, says David Postings Chancellor John Healey recently described banking as the “jewel” in the “British economic crown”. I completely agree. I have worked in banking for decades. Born in Wolverhampton, I know [...]
Chancellor John Healey has described banking as the "jewel" in the "British economic crown". He believes that banks play a significant role in growth, investment, and predictability. However, David Postings, the CEO of UK Finance, argues that significantly increasing banks' tax burden could have negative consequences on lending, investment, and growth.
Healey acknowledges that banks already contribute substantially to the public finances through various taxes, including employment taxes, shareholder returns, and retained earnings. However, he believes that keeping bank taxes stable is crucial to maintaining a competitive edge in the international market. Postings warns that higher taxes could lead to reduced lending, weaker international investment, and ultimately, job losses.
He emphasizes the importance of a strong banking sector in achieving the UK's long-term economic priorities, such as attracting investment, raising productivity, and supporting households and businesses across the country.
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