A not-for-profit advocating monetary reform from London and Brussels.
Banks have reported stronger half-year profits amid sustained higher interest rates, with Barclays, Lloyds, and NatWest expected to post gains. Analysts foresee continued earnings growth as the sector navigates mortgage stress and potential increases in bad debt provisions. The sector remains buoyant but faces scrutiny over tax policy and regulatory expectations.
Banks report six-month profits surging across the UK, fueling calls for windfall taxes to fund cost-of-living measures. Campaigners urge government to consider a levy on profits to support households, while bank chiefs caution on lending and growth.
Bankers warn that higher levies could drive investment and jobs away, while politicians face pressure to fund cost‑of‑living measures. Dimon cautions that an uncompetitive tax system risks capital flight as Healey prepares to deliver his Budget.
The BBC and Guardian report that the UK government is weighing an increase to the bank surcharge ahead of the 28 October budget. Ministers are considering reversing Hunt’s cuts and possibly returning the surcharge to 8%, which would raise billions in tax revenue while banks warn on competitiveness. Trade unions press for a larger levy amid record profits in the sector.