Banks in the UK have told the BBC they believe Chancellor Healey is preparing to include measures targeting their profits in the Budget due to be announced later this month. Senior banking executives used the phrase "on the menu" to describe their expectations of being singled out for additional taxation.
The comments reflect industry anticipation that the government may look to the banking sector as a source of revenue in the forthcoming fiscal statement. Executives speaking to the BBC expressed concern about the possibility of new or increased taxes affecting banks' bottom lines.
The remarks come ahead of the Budget, when chancellors traditionally set out tax and spending plans for the year. The banking sector, which is frequently scrutinised during fiscal reviews because of its profit levels and role in the wider economy, is watching closely for any detailed proposals.
No formal measures have been announced and it was not clear from the BBC report what specific forms of taxation might be under consideration. The industry’s expectation of being targeted adds to the political and commercial focus on next month’s Budget as policymakers weigh options to meet fiscal priorities.