Healey Summons UK Bank Chiefs to Pre-Budget Summit

Sky News··GBUS·Read original
3▲0 ▼9Impact / 5
Summary · why it matters

Chancellor John Healey has summoned the bosses of Britain's biggest banks to a pre-budget summit next Tuesday, amid industry expectations of a tax raid later this month. Sky News has learnt that the chief executives of lenders including Barclays, HSBC, Lloyds Banking Group and NatWest Group have been asked to attend, with the bosses of Santander UK and Nationwide also understood to have been invited. It will be the first such in-person meeting Healey has held with UK bank chiefs since he replaced Rachel Reeves as chancellor in July, and comes ahead of his inaugural major fiscal event towards the end of the month. Banking industry fears are growing that he will hike taxes on the sector by billions of pounds a year to fund spending commitments or tax cuts elsewhere, and sector chiefs have embarked on a frenetic lobbying campaign to head off a tax raid. Earlier this week, Sky News revealed that Revolut was among a pack of challenger banks urging the chancellor to remove the threat of an immediate tax raid, with a dozen mid-tier lenders signing a letter calling on him to lift the threshold at which the corporation tax surcharge applies to banks from £100m to £500m; the signatories also included Monzo, Paragon Bank and Shawbrook. Healey has not yet met the bosses of the UK's biggest banks, but has held face-to-face talks with Jamie Dimon, chairman and chief executive of JPMorgan Chase, who has raised the prospect of cancelling a major new UK headquarters if international banks are hit with higher UK taxes.

Impact on assets 9

Financials▼ · 7 stocks
Barclays PLC
BARC
▼ NegativeRegulationrelevance

Barclays' CEO is summoned to the pre-budget summit amid expectations of a multi-billion-pound tax raid on UK banks.

HSBC Holdings PLC
HSBA
▼ NegativeRegulationrelevance

HSBC's CEO is summoned to the pre-budget summit amid industry fears of a tax raid on lenders.

Lloyds Banking Group PLC
LLOY
▼ NegativeRegulationrelevance

Lloyds' CEO is summoned to the pre-budget summit as the chancellor is expected to hike taxes on the sector.

NatWest Group PLC
NWG
▼ NegativeRegulationrelevance

NatWest's CEO has been summoned to the pre-budget summit as the sector braces for a multi-billion-pound tax hike.

Nationwide Building Society
NBS
▼ NegativeRegulationrelevance

Nationwide is among the banks invited to the pre-budget summit amid expectations of a tax raid on the sector.

Banco Santander SA ADR
SAN
▼ NegativeRegulationrelevance

Santander UK's boss was invited to the summit as the sector faces a feared tax raid on UK banks.

Paragon Banking Group PLC
PAG
▼ NegativeRegulationrelevance

Paragon Bank signed the letter urging the chancellor to lift the bank corporation tax surcharge threshold, amid fears of a tax raid.

Materials▼ · 1 stocks
Shawbrook Group PLC
SHAW
▼ NegativeRegulationrelevance

Shawbrook signed the challenger-bank letter calling for the surcharge threshold to rise from £100m to £500m to head off a tax raid.

Digital Finance & Tokenization▼ · 1 stocks
JPMorgan Chase & Co
JPM
▼ NegativeRegulationrelevance

JPMorgan's Dimon warned it could cancel a major new UK headquarters if international banks face higher UK taxes, a regulatory/tax threat.

Off-coverage companies 2

MonzoPrivate▼ Negative
Regulationrelevance

Monzo signed a letter urging the chancellor to lift the bank corporation tax surcharge threshold, amid fears of a tax raid on lenders.

RevolutPrivate▼ Negative
Regulationrelevance

Revolut was among the challenger banks urging the chancellor to remove the threat of an immediate tax raid on the sector.

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