Politics · 30 August 2026
Treasury officials advise John Healey to tax banks and oil companies more
Chris McAndrew via Wikimedia Commons (CC-BY-3.0)
The Chancellor must rebuild a £22.7 billion financial buffer and cover defence pledges before his Budget on 28 October. Treasury staff gave him a plan suggesting that taking extra money from fossil fuel and financial firms is an easy fix. Dame Jane Fraser, head of Citigroup, and the banking body UK Finance have already warned him against hitting the sector.
Reported by City AM · How we write briefs