Shares of Lloyds and NatWest fell about 2.3% and 2.05% after The Guardian reported that Finance Minister John Healey plans to raise bank taxes in his October 28 budget to offset fiscal damage from the Middle East war. One option is reversing Jeremy Hunt's cuts to the bank surcharge, which could raise over £2 billion a year, with industry expecting a rise from 3% to 8%. The TUC has lobbied for 16%, while lobby groups warn that higher taxes could push banks to move staff and business out of the UK. The debate comes as the big four banks made £200 billion in pre-tax profit over five years, and rising borrowing costs could as much as halve the £24 billion fiscal cushion.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on Yahoo Finance ↗
Related news
- $64 . 4 million Pottstown budget draft sees 5 . 9 % tax hike , or 6 . 4 %
Pottstown's borough management presented council with two versions of a $64.4 million draft budget: one that keeps library funding flat with a 5.89% tax increase to close a $724,754 deficit, and one that adds the library's full $65,000 request, raising the increase to 6.42%. For a home assessed at $100,000, the first option would add $91.92 and the second $100.16 a year in taxes. The first draft had implied a 13 to 14 percent hike, which was reduced through spending cuts, spreading some projects over two years and seeking extra revenue, as inflation pushes up energy, fuel and equipment costs. Other pressures include a 4.5% police salary increase under the current contract, an $85,000 rise in pension costs and a $1.6 million drop in total assessed property value. The police and fire chiefs both plan to retire in 2027.
- Is Bank of America's Stock a Buy Ahead of Its Q3 Earnings Report on Oct. 14?
Bank of America (BAC), the second-largest U.S. bank by assets, will report third-quarter results on Wednesday, October 14, before the market opens, followed by a conference call led by CEO Brian Moynihan. Management has said investment banking fees could be down 10% year over year and trading revenue may be flat, so net interest income (NII) is expected to be the key focus. The CFO previously guided full-year NII growth toward the upper end of 6% to 8%, but rising bond yields could increase funding costs and weigh on loan growth and credit quality. The author notes that maintaining or raising the NII guidance could support the stock, while any significant deterioration in credit quality could push it lower. Over the long term, the author still views the bank's scale as a strength and sees a more attractive valuation after the recent sell-off.
- John Healey Budget 2026 TUC calls for more tax on bank profits
- John Healey Budget 2026 TUC calls for more tax on bank profits
- John Healey Budget 2026 TUC calls for more tax on bank profits | Clacton and Frinton Gazette
- John Healey Budget 2026 TUC calls for more tax on bank profits | Richmond and Twickenham Times
Related markets
Latest news
- Iran warns US and Israel
Iran's Armed Forces Chief of Staff, Major General Ali Abdollahi, warned on October 18 that the US and Israel would face a far harsher response if they continue actions Tehran considers provocative. He said Tehran is awaiting their next moves and that Iran's armed forces remain ready for any scenario. Tehran accuses Washington and Tel Aviv of trying to weaken its government, and tensions have risen since earlier conflicts, including a 12-day war. Iran says it will not back down under external pressure.
- Is TC Energy (TRP) a Good or Bad Investment at Today's Multiple?
TC Energy trades at 21.19 times next year's expected earnings, closing at $61.74 on October 16 after a 1.5% return over 6 months, versus 10.5% for the Insider Monkey Billionaire Index and 9.3% for the State Street SPDR S&P 500 ETF Trust. The company operates natural gas transmission pipelines across Canada, the United States and Mexico, plus power generation, with a 44.25% operating margin, and latest-quarter earnings rose 18.00% on revenue up 5.70%. The article flags risks including debt at 170.37% of equity, the loss of crude oil pipelines to South Bow in 2024, and volumes that depend on North American gas demand from power and LNG exports. A 4.01% yield is cited as income while the market decides whether the stable business justifies the multiple relative to its growth.
- Should You Buy This Trump AI Stock Ahead of Earnings?
Microsoft (MSFT) reports quarterly results on October 28 and ranks eighth in Trump's latest stock portfolio, after Trump bought the stock five times in August. Bulls point to Azure growth of 43% last quarter, with management expecting about 45% in the current quarter, and to demand that exceeds available computing capacity. Bears cite rising capital spending that Deutsche Bank says could push free cash flow close to breakeven in fiscal 2027, about two-thirds of spending going to short-lived equipment such as chips, and OpenAI making up about 45% of the commercial backlog in the December quarter. The stock trades at 26.75 times forward earnings, a 27% premium to the sector median of 21.01 but 12% below its own five-year average of 30.47, with a PEG ratio of 1.70 versus a sector median of 1.14. The article concludes that investors pay more than for the average tech stock but less than they usually pay for Microsoft.
- What Is Williams' (WMB) Economic Moat, and Is It Steel or Permits?
Williams (WMB) closed at $71.28 on October 16, with a 0.5% return over 6 months, compared with 10.5% for the Insider Monkey Billionaire Index and 9.3% for the State Street SPDR S&P 500 ETF Trust. The article argues its main advantage is the Transco pipeline, which runs from the Gulf Coast up the eastern seaboard, where several attempts to build new pipe have been abandoned after failing to win approvals. A 39.54% operating margin and 21.50% return on equity are cited as evidence of this advantage, although revenue rose only 7.80% last quarter. Limits noted include debt at 200.37% of equity, rules that also restrict Williams' own growth, and a price of 26.81 times expected next-year earnings. The dividend yields 2.95%.
- Marvell Jumps 6% as GF Securities Says Google Chip Delay Won’t Dent Its Position; Broadcom Rises 3%
Marvell shares rose 6% to $241.27 in afternoon trading after a reported delay in Google's next TPU chip, while Broadcom gained 3%. GF Securities analyst Jeff Pu said the delay does not change Marvell's medium- to long-term position in Google's chip supply chain. Marvell reported Q2 FY2027 revenue of $2.74 billion, up 36.5% YoY, with its Data Center segment at $2.17 billion, or 79% of revenue. Google can acquire up to 7% of Marvell shares under a warrant tied to revenue targets, and management expects its custom business to more than double in fiscal 2028. Q3 revenue guidance is $3.15 billion, plus or minus 5%, with non-GAAP gross margin of 57.5% to 58.5%, and the article notes Marvell still needs to convert its Google programs into reported revenue.
- Is ONEOK (OKE) Cheap at 14 Times Next Year’s Earnings?
ONEOK (NYSE:OKE) closed at $93.31 on October 16 and returned 11.4% over six months, versus 10.5% for the Insider Monkey Billionaire Index. The stock trades at 14.49 times next year's expected earnings and yields 4.59%, and revenue rose 52.80% last quarter as the company grew through acquisitions. The article argues that much of this growth was bought rather than built, with only 13.25% of revenue remaining as operating profit and debt at 143.07% of equity. Because a large part of the business involves buying and reselling liquids rather than earning transport fees, the article views the discount as having a reason behind it. It concludes that investors should watch margins rather than revenue.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.