According to The Guardian, John Healey is planning to tax British banks in the forthcoming budget, a move the editorial supports. Positive Money reported that Britain's four biggest banks made £29bn in the first half of this year, up a fifth on 2025, largely due to higher interest rates. The option under consideration is restoring the bank surcharge from 3% to 8%, which could raise around £2bn a year, a figure the editorial considers too modest. It cites stronger proposals, such as a Spain-style windfall tax that Positive Money estimates could raise £19bn from the UK arms of the big four banks. The editorial argues that banks cannot be “too big to fail and too big to tax.”
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Original headline: The Guardian view on the banks : too big to fail cannot mean too big to tax | Editorial
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