Politics · United Kingdom · 7 hrs ago
Mirror urges Labour to raise tax on banks in Wednesday’s Budget
The Mirror is urging Labour to make banks pay more tax in Wednesday’s Budget.
It says families are struggling with rising bills while chief executives at Britain’s four biggest banks receive very large pay packages.
Barclays chief executive C.S. Venkatakrishnan received £15 million last year, including £12.7 million in bonuses.
The bank profits surcharge was cut from 8% to 3% by the previous Conservative government, according to the editorial.
Restoring the higher rate could raise £2.25 billion a year for services including the NHS, police and schools.
The editorial argues that banks should contribute more and says the Budget will show whether Labour is on working families’ side.
The Mirror urged Labour to raise taxes on banks in Wednesday’s Budget.
It argued that bank executives’ pay is excessive while families struggle with rising bills.
The article said restoring the bank-profit surcharge from 3% to 8% could raise £2.25 billion a year.
It said the money could support the NHS, police, schools and other public services.
The article described the surcharge proposal as a test of whose side Labour is on.
- Who
- The Mirror urged Labour and Chancellor John Healey to raise taxes on banks.
- What
- The Mirror called for the bank-profit surcharge to be restored from 3% to 8%. It said this could raise £2.25 billion annually.
- When
- Wednesday’s Budget; the article was published on 26 October 2026.
- Where
- Britain.
- Why
- The Mirror said families are struggling with rising bills while bank executives receive large pay packages, and argued banks should contribute more.
This story does not have two clearly opposing sides.
Barclays boss C.S. Venkatakrishnan received £15 million, including £12.7 million in bonuses.
The Mirror published its call for Labour to raise taxes on banks in Wednesday’s Budget.
Chancellor John Healey has an opportunity to raise the bank-profit surcharge, according to the article.
- Proposed bank-profit surcharge
- Restore it from 3% to 8%
- Estimated annual revenue
- £2.25 billion
- Barclays chief executive pay
- £15 million last year, including £12.7 million in bonuses
- Budget
- Wednesday’s Budget
- Chancellor
- John Healey
2 sources
What people are saying
Tomorrow's Budget must prove whose side Labour is really on.
Restoring it could raise £2.25 billion annually, money desperately needed for our NHS, police, schools and public services.