Politics · 1 hour ago
Chancellor John Healey plans to raise taxes on banks in the October budget
Chris McAndrew via Wikimedia Commons (CC-BY-3.0)
The government expects to push the special charge on banking profits back up to 8%, which could raise more than £2bn every year. Major lenders have lobbied hard against the idea, warning ministers that they might shift workers and operations abroad. The chancellor needs the money to cover rising national borrowing costs linked to the ongoing conflict in the Middle East.
Reported by The Guardian · How we write briefs