Banks Expect to Be Hit with Higher Taxes in Budget
Senior banking executives have told the BBC they expect to be "on the menu" in the chancellor's Budget tax later this month.
Senior banking executives have told the BBC they expect to be "on the menu" in the chancellor's Budget tax later this month. The executives said they anticipate being targeted for higher taxes. The BBC reported the comments on Friday.
The context is the upcoming Budget, in which the chancellor will set out tax and spending plans. Banks have previously been subject to various taxes, but the source does not specify which measures are being considered. The executives' expectation is based on their own assessment, not an official announcement.
If banks are indeed targeted, it would follow that the sector could face higher tax bills. However, the source does not provide details on the scale or form of any potential tax changes. The executives' remarks suggest they are preparing for such a possibility.
What to watch next is the chancellor's Budget later this month. The source indicates that the executives expect to be included in tax measures. Further details will emerge when the Budget is presented.
Frequently asked questions
What did banking executives tell the BBC?
They said they expect to be "on the menu" in the chancellor's Budget tax later this month.
When is the Budget expected?
The source says the Budget is later this month, but does not give a specific date.