Politics · United Kingdom · 3 hrs ago
Banks brace for possible windfall tax as unions claim it could raise £60bn
John Healey is expected to target banks with a tax announcement on Budget day.
The expected move follows bumper profits at HSBC, which prompted a row over windfall taxes.
Unions say a 35% tax on banks could raise £60bn.
A windfall tax is a charge on profits seen as unusually high.
The dispute is about whether banks should pay such a tax and how much it could raise.
The tax proposal is expected today, but the available details do not say what will be announced.
Banks are bracing for a possible windfall tax ahead of the Budget.
Unions claim a 35% tax on banks’ windfall profits could raise £60bn.
The prospect of the tax prompted a row on the eve of the Budget.
Bumper profits at HSBC were cited as a trigger for the debate.
John Healey was expected to announce a raid on banks on the day the article was published.
- Who
- Banks, unions and John Healey. HSBC is also mentioned.
- What
- Banks are bracing for a possible windfall tax. Unions say a 35% tax could raise £60bn.
- When
- The article was published on 28 October 2026. The expected announcement was described as happening that day.
- Where
- Not stated
- Why
- Bumper profits at HSBC sparked a row over windfall taxes ahead of the Budget.
This story does not have two clearly opposing sides.
Bumper profits at HSBC sparked a row over windfall taxes.
John Healey was expected to launch a raid on banks.
- Proposed tax rate
- 35%
- Unions’ revenue claim
- £60bn
- Company cited
- HSBC
- Article publication date
- 28 October 2026