News · 5 August 2026
Prime Minister Burnham could face bank fight over new windfall tax
Calls are growing for Prime Minister Andy Burnham to tax soaring bank profits to help fund his cost-of-living plans. Major UK banks such as HSBC and NatWest recorded £29.2 billion in earnings during the initial half-year period, prompting campaigners to propose a tax that might generate £19 billion. However, bank bosses warn that more taxes could limit crucial lending and harm the wider economy.
Reported by The Guardian · How we write briefs