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GBP/USD
▲ Likely positiveRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/23/2026 | 1.33804 |
| Change that session | -0.15% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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Chancellor John Healey is reportedly considering raising the surcharge on bank profits above £100million from 3% to 8% at the upcoming Budget, reversing a cut introduced in April 2023 under Jeremy Hunt. The change could raise some £2billion for the Exchequer, but banks warn it could inflict a £20 billion hit on the economy. Lenders may try to recoup the cost by raising mortgage rates and cutting savings rates, though that risks losing customers to rivals. Conservative and City groups say the tax would stifle investment and harm Britain's competitiveness, while the TUC backs it and estimates it would raise £2.25billion a year. The Treasury said decisions on tax are for the Chancellor to announce at fiscal events.
- Rayner : Nothing off table in Burnham talks with European Union
- Burnham opens door to honest discussion on EU free movement
Prime Minister Andy Burnham said he would welcome an “honest discussion” on whether the UK could return to free movement with the European Union, in an interview with The Sunday Times. He said Britain should pursue a new relationship with Brussels, potentially including full EU membership or joining the single market, and both options would require some form of free movement. He argued that migration during EU membership was mostly younger people staying a few years before returning, which differs from today’s challenges, though free movement had brought “very significant challenges”. Chris Philp, shadow home secretary, said there could be “no return” to free movement after the 2016 referendum, while Reform UK leader Nigel Farage called the remarks a “betrayal” of Brexit voters. Burnham also said any major constitutional change would need a fresh mandate at a general election to be held by 2029, and ruled out joining the euro or Schengen; he is expected to set out options for resetting EU relations at a Brussels summit on 20 November.
- Rayner : Nothing off table in Burnham talks with European Union
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