Bank bosses are to face John Healey in a tax showdown as unions demand a punishing windfall levy

From the Newshound archive · first published 5 October 2026 · last updated 6 October 2026.

Senior bank executives are expected to lobby Chancellor John Healey against higher taxes when they meet for crunch talks, with unions simultaneously demanding a punishing windfall tax on the industry. Former Chancellor Jeremy Hunt has warned Healey that raising bank taxes will cost jobs. A senior MP says banks will push hard for capital rules to be cut as part of any deal.

Unions are calling for a windfall tax on banks, putting pressure on Healey from both sides ahead of the meeting.

Hunt's warning puts Healey in a bind — with the City threatening job losses if taxes rise and the left demanding banks pay more.

Banks are expected to demand relief on capital rules as their bargaining chip in negotiations with the Chancellor.