Charity commissioner to use speech to say there is a difference between ‘heated discussion’ and harassment or abuse
Quick reminder to anyone not super across what banks have to pay in taxes, their current rate is a 3% surcharge on profits, on top of the 25% corporation tax rate.
All banks operating in the UK – both British and foreign – pay this levy, and the sector has recorded tremendous profits in recent years driven by higher interest rates. (Markets are also assessing that the central bank will most likely raise rates next month to 4%.)
Taxing the big banks a little bit more has long been mooted as a voter-friendly way for Healey to raise some cash.
Tory leader Kemi Badenoch is expected to joined the banks today though in criticising against the measure. The argument is that it would damage the UK finance sector’s international competitiveness, drive businesses out of the country, and/or that banks might just pass on the costs to customers.
Tory shadow chancellor Andrew Griffith has argued: “Britain needs growth but a raid on the financial services sector will stifle it.”
“I don’t want anybody to try and read in or second guess what [we may] do in two weeks’ time.
My observations on the banks are just that people too often see them as a big distant financial institutions, when they are hardwired into the economic fabric of this country and our future prospects.
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