Scottish Labour leader calls for bank tax in Budget
Summarised from 2 outlets · Updated 26 Oct, 10:38 · Archive
Scottish Labour leader Michael Marra has called on Chancellor John Healey to increase taxes on big banks ahead of his Budget on Wednesday. Mr Marra, who took over the party leadership in September, said banks should 'do their bit' given bumper profits. The biggest banks made around £15 billion of profits in the first six months of this year, according to Mr Marra, by charging mortgage rates that far outstrip the base rate while savings rates lag behind.
Mr Marra said Labour governments should make 'progressive choices on tax'. He noted that Labour has already taxed private jets, private schools and private equity to raise revenue for public services including the NHS. 'When people are struggling to afford to turn up the heating, we should ask big business to do their bit – especially when they are seeing windfall profits,' he said.
The Daily Mail reports that Chancellor Healey is set to levy billions of pounds in extra taxes on big banks as he scrambles for cash. Mr Marra remains open to how the tax could be increased, with a hike from the current 3% corporation tax surcharge a potential route. Opposition figures have warned that such a raid could increase mortgage costs for borrowers.
Mr Marra is due to meet the Chancellor and Energy Secretary Miatta Fahnbulleh this week.
How it is being reported
- New Scottish Labour leader Marra tells Healey to hammer bank profits in the Budget amid warnings move could push up mortgage costsMichael Marra, who has been in charge little more than a month, demanded the Chancellor make a 'progressive choice on tax' when he unveils his economic plans on Wednesday.Daily Mail · 26 Oct, 10:18
- Scottish Labour leader calls for tax hikes on big banks ahead of BudgetChancellor John Healey will lay out his first Budget this week.Independent Business · 26 Oct, 10:09
In this story: Michael Marra · John Healey · Scottish Labour · Miatta Fahnbulleh
This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem
Comments (0)