Why UK banks fear Autumn Budget tax hikes from Rachel Reeves

Every analyst and economist is saying that taxes are coming in the Autumn. But will Rachel Reeves turn to her old friends at the banks for an easy cash grab? Half-year reporting season has come to a close, and the UK’s Big Four banks – Lloyds, Natwest, HSBC and Barclays – have pocketed a combined £24.1bn in pre-tax profit for the first six months of the year. Analysts at US banking juggernaut JP Morgan warned the Chancellor will look to raise as much as £30bn in taxes later this year to restore her eroded fiscal headroom. Additionally, HSBC boss Georges Elhedery warned a bank levy would dent growth, and Lloyds’ Charlie Nunn said it wouldn’t be consistent with the government’s growth strategy. Click the link in our bio to read more of the story 🔗 #uk #news #bank #banking #hsbc #llyods #jpmorgan #chase #natwest #barclays #finance #economics #economy #business #politics #tax #autumnbudget #rachelreeves