Chancellor John Healey is expected to hit banks with a Budget tax raid that experts warn could push up mortgages
Healey is reportedly weighing a rise in the surcharge on bank profits above £100million from 3% to 8%, a £2.2billion grab. City analysts expect a smaller rise to 5%, worth about £800m a year. UK Finance warns a higher tax could shrink the supply of credit by £17.5billion over a decade. Analysts at UBS say borrowers could end up paying through dearer loans.
RBC Capital Markets' Benjamin Toms: 'Anything higher than this level would probably be taken badly.'
Barclays made £2.3billion in quarterly profit while announcing 5,000 job cuts as it speeds up AI adoption.
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