Neus · Neutral News Analysis
Banks Face Modest Tax Hike in Recent Budget
Chancellor John Healey announced a three percent increase on the corporation tax surcharge for banks, which was less severe than industry fears of a massive windfall tax. Following the announcement, bank and gambling shares rose as the measures proved milder than anticipated. Meanwhile, officials have been urged to investigate a potential market-moving leak ahead of the parliamentary address.
Referenced News Coverage (5 sources)
- Bank taxes to rise by less than some feared to help fund ‘breathing space’ (Evening Standard)
- Bank and gambling shares jump after Budget tax raid was 'not as bad as feared' (Daily Mail)
- Banks braced for Budget battering - as unions claim whopping 35% windfall tax would raise £60bn (Daily Mail)
- Healey brushes aside warnings over higher mortgages and presses ahead with a tax raid on banks (Daily Mail)
- Treasury urged to investigate possible Budget leak after 'tax report moved markets' (Evening Standard)