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Original headline: Budget will have to reflect tough time , Healey says during IMF visit
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- Budget will have to reflect tough time , Healey says during IMF visit | Harwich and Manningtree Standard
- Budget will have to reflect tough time, Healey says during IMF visit
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- Target pensions or welfare , not banks , IMF tells John Healey
IMF deputy director Helge Berger, speaking in Bangkok, urged John Healey to target pensions and welfare rather than banks in the budget later this month. With UK taxes around 40% of GDP, Berger said reforming property taxes or VAT could be options if more revenue is needed. UK Finance warned that restoring the bank surcharge from 3% to 8% would cut GDP by £1.2bn and lending by £10.4bn by 2029-30. The TUC said the Treasury has already lost £6bn since the surcharge was cut in 2023, while the four largest lenders reported £29.2bn in profits in the first six months of the year. Former banker Philip Augar argued a moderate tax rise of £2bn to £3bn a year is justified, though some banks have threatened to move jobs abroad.
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