News · 5 August 2026
Prime Minister Burnham could face bank fight over new windfall tax
© Crown copyright / No.10 Downing Street
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