Healey hails banks as a 'jewel in the crown' but refuses to rule out tax raid ahead of Budget

From the Newshound archive · first published 15 October 2026.

Chancellor John Healey has praised Britain's banks as central to the economic fabric of the country, sparking hopes the sector will be spared a hammering in the October 28 Budget — but he pointedly refused to rule one out, leaving the City on edge. Healey made the remarks on the sidelines of the IMF meetings in Bangkok, where UK borrowing costs have already hit a 28-year high. He insisted he will meet his fiscal rules when he delivers his maiden Budget in two weeks.

The TUC has demanded a windfall tax on bank profits to fund energy bill cuts for low and middle-income households.

Healey told Bangkok: 'I've got decisions to take in the Budget, and I'll set those out in two weeks' time.'