{
  "id": 14737856,
  "title": "John Healey poised to raise taxes on banks in budget",
  "url": "https://urgent.news/2026/10/15/john-healey-poised-to-raise-taxes-on-banks-in-budget",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-15T16:17:05.000Z",
  "source": {
    "name": "Guardian Business",
    "slug": "guardian-business",
    "url": "https://www.theguardian.com/uk-news/2026/oct/15/john-healey-raise-taxes-banks-budget"
  },
  "original_language": "en",
  "account": "Chancellor John Healey is set to introduce new taxes on Britain's banks in his upcoming budget, in an effort to offset the impact of the Middle East war on the country's public finances, according to the Guardian. The International Monetary Fund commended the UK's efforts to balance its books but urged Healey to continue this path. To maintain the deficit reduction plans amid rising government borrowing costs, Healey plans to draw additional revenue from the financial sector. One possibility being considered is reversing cuts to the bank surcharge, which could generate up to £2 billion annually. Large UK lenders such as HSBC, NatWest, Barclays, and Lloyds Banking Group have earned substantial profits recently, with the four major banks alone generating £200 billion in pre-tax profits over the past five years. Labour figures have been urging Healey to impose heavier taxes on the banks, a proposal previously dismissed by his predecessor. Healey defended the banks as integral to the country's economic growth while contemplating a return of the surcharge to 8% from its current 3%. The surge in the UK's borrowing costs, driven by the Middle East conflict, has significantly reduced the cushion of £24 billion left by the previous Chancellor, Rachel Reeves. Bank executives have been lobbying against tax increases since narrowly avoiding higher levies in the last budget. Healey is prepared to accept a narrower \"headroom\" but is eager to assure bond markets of his commitment to deficit reduction.",
  "summary": "Exclusive: Chancellor to target sector in his first budget to help offset damage caused by Iran war on public finances John Healey is poised to tax Britain’s banks in his 28 October budget to help offset the damage inflicted on the public finances by war in the Middle East, the Guardian understands. The chancellor is in Bangkok, where the International Monetary Fund has praised the UK’s progress…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "City AM",
        "title": "Healey promises Budget will ‘meet the moment’",
        "url": "https://urgent.news/2026/10/15/healey-promises-budget-will-meet-the-moment",
        "published": "2026-10-15T11:19:02.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}