Story perspectives

Healey’s First Budget Set for 28 October 2026

By Drooid · Oct 20, 2026, 11:19 PM UTC · How we work

Summary

Story summary

Chancellor John Healey will deliver his first UK Budget on 28 October 2026.
Healey rejected Labour MPs' proposals to raise capital gains tax.
He said the budget will rely on higher taxes on banks' profits instead.
The four biggest UK banks earned £200 billion pre-tax profit over five years, supplying main Treasury revenue.
Ipsos poll of 1,077 Britons found 65 % expect a tax increase at the budget.

History

Historical Context

Britain first imposed a 0.5 % bank levy in 2011 under Chancellor Gordon Brown, raising £2.5 billion and extracting over £1.8 billion from Barclays, HSBC, Lloyds and RBS. After the 2008 financial crisis spurred tighter capital rules, Labour’s 2026 budget revives the levy on the same four banks, whose combined £200 billion pre-tax profit fuels Treasury revenue.

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Story summary

Chancellor John Healey will deliver his first UK Budget on 28 October 2026.
Healey rejected Labour MPs' proposals to raise capital gains tax.
He said the budget will rely on higher taxes on banks' profits instead.
The four biggest UK banks earned £200 billion pre-tax profit over five years, supplying main Treasury revenue.
Ipsos poll of 1,077 Britons found 65 % expect a tax increase at the budget.

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