economy United Kingdom
UK considers restoring bank surcharge as TUC seeks larger rise
8%
The UK bank surcharge was 8% before the 2023 reduction.
The TUC says cuts to the UK bank surcharge cost the public purse £6bn over three years and wants it raised to 16%. Chancellor John Healey is believed to be considering restoring it to 8% in the 28 October budget, which the TUC says would raise £2.25bn a year.
2 sourcesThe GuardianUpdated
Claims
Support what holds up. Dispute what doesn't.
- 6BGBP
AllegedThe TUC says UK bank tax cuts reduced public revenues by £6bn over three years.
“The UK public lost out £2.3bn in 2023-24, a further £1.7bn in 2024-25, and £2bn in 2025-26 – totalling £6bn over three years.”
- 8%
The UK bank surcharge was 8% before the 2023 reduction.
2 of 2 sources“raising the surcharge back to 8%”
- 3%
The UK bank surcharge was reduced to 3% in 2023.
2 of 2 sources“from 3% at present”