CBI chief is to warn Chancellor John Healey that a Budget tax raid on banks would be an 'own goal'
Rain Newton-Smith will tell the CBI's autumn reception at the British Museum tonight that financial services support more than 650,000 jobs outside London. She will say the sector adds over £200bn a year to the economy. Healey is reportedly weighing a rise in the bank surcharge from 3% to 8%, reversing Jeremy Hunt's 2023 cut. The move would raise about £2bn a year.
UK Finance boss David Postings is urging Healey to 'keep bank taxes stable'.
Labour MPs back the raid after the big four banks made around £15bn in half-year profits.
Ex-Bank of England economist Andy Haldane expects 'a Budget for the backbenchers' on October 28.
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