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Shares in the biggest UK banks fell sharply today due to fears of a potential tax raid on the sector to help shore up the UK’s public finances.
The market was reacting to mounting fears that the Government will target the banking sector at the autumn Budget with a surcharge on profits or even a new levy to help fill a £20 billion fiscal hole.
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Earlier today, The Financial Times published the article ‘UK Bank Shares Tumble On Fears Of Tax Raid On Sector’. The following is a summary of the article; you can read an archived copy of it HERE. As we read this article, we are reminded of recent warnings from Ed Dowd about an imminent global financial crisis.
The share prices of major UK banks, including NatWest, Lloyds Banking Group and Barclays, have fallen significantly today (between 3.8% and 5.3%) due to fears that the government may impose a tax raid on the sector to address the UK’s public finances, with a potential fiscal hole estimated to be at least £20 billion.
The sell-off of banks’ shares followed suggestions of a possible surcharge on profits or a new bank levy as ways to fill the fiscal gap by the think tank Institute for Public Policy Research (“IPPR”). In a report, published today, IPPR has proposed a new levy on profits to recoup “windfalls” made by lenders as a result of the Bank of England’s quantitative easing programme, undertaken following the financial crisis.
In a summary of its report, IPPR described the problem:
After a period of making significant profits on this programme, the Bank of England is now making record losses, which is historically very unusual for central banks. The Treasury is paying for these losses, making the UK an international outlier, and the sums involved are staggering: Bank of England losses will cost the taxpayer £22 billion a year in every year of this parliament.
These losses come from two sources: valuation losses from selling government bonds below purchase value; and interest rate losses.
Fixing the leak: How to end the £22 billion annual taxpayer losses at the Bank of England, IPPR, 29 August 2025
Possibly adding to banks’ nervousness about a tax raid, in a letter to Chancellor Rachel Reeves in May, Deputy Prime Minister Angela Rayner proposed eight potential tax rises, including raising the higher corporation tax rate for banks from 28 per cent to 30 per cent.
Bank executives have warned that increased taxes would damage the government’s growth agenda and have urged against fresh taxes on the sector, stating that financial institutions are already among the biggest taxpayers in the country.
The UK Finance industry lobby group has argued that adding another tax would make the UK less internationally competitive and run counter to the government’s aim of supporting the financial services sector to drive growth and investment in the wider economy.
The potential tax raid on the banking sector is seen as a way for the government to reassure Labour MPs that it is sharing the fiscal pain, with some officials suggesting that an increase in the bank corporation tax surcharge on profits could raise up to £3 billion.
Chancellor Reeves has stated that securing growth is her priority and that she is conscious of the risks of overtaxing the wealthy and productive parts of the economy, but the final decision on tax changes will depend on the size of the fiscal hole exposed by Office for Budget Responsibility forecasts, which have yet to be prepared for the autumn Budget.
Featured image taken from ‘UK bank shares fall on fears of Reeves windfall tax; UniCredit lifts Alpha Bank stake to 26%’, The Banker, 29 August 2025 (behind a paywall)
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Categories: Breaking News, UK News
I don’t care if you publish this or not.
You are completely correct that a class is attempting to control the world.
They most correctly can be called the Class above Politics. While such a strata has since Europe evolved into the sophisticated entity it did around 1500 and the enormous amount of wealth flowed in from Mexico and South America.
After the Cold War ended and the Soviet Union disappeared this Soros-Blackrock class could bring forth the enormous amount of dollars it had accumulated and proceed to try and buy the world.
The interaction between the members of this class and the existing global entities most especially the enormous structures the CIA constructed to fight the Cold War have led to the emergence of a true globalist entity whose goal is control, power and wealth. I salute you for being willing to risk your life and reputation to shed light on this development.
Very well said. A certain family heads the 13 bloodlines that comprise the pinnacle of the pyramid so to speak. All wars directed and funded by them. They own the media and have stakes in all the banks. They select heads of state and presidents. They fund the people behind the NGOs that push their freedom crippling agendas. All so they can turn the world into their own playground and enslave the luck few peasants who are granted the right to live.