Banks expect to be hit with higher taxes in Budget

Senior banking executives have told the BBC that Chancellor John Healey is planning to increase taxes on the banking sector in the Budget.

Banking sector faces possible tax increase

The reported plan would place a greater tax burden on banks, according to senior figures in the industry. Their comments indicate that the sector is preparing for a potential change in its tax treatment when the Budget is announced.

The information comes from banking executives speaking to the BBC. It does not confirm the final details of the proposed increase, including its size or how it would apply across the sector.

What is known so far

Chancellor John Healey is reported to be considering higher taxes on banks. The proposal remains linked to the upcoming Budget, with no further details provided about the timing or scope of the measure.

For banks, the key issue will be the final terms of any tax increase. Until those details are published, the direct financial impact on individual institutions cannot be assessed.