Scottish Labour leader Michael Marra is pressing for higher taxes on major banks ahead of the UK’s Oct. 28 Budget, arguing added contributions could support public services and households struggling with heating costs.
Marra put the largest banks’ combined earnings for the year’s first half at about £15 billion, according to comments reported by The Independent. Barclays separately said its third-quarter profit before tax rose 12%.
The Independent reported that Marra is expected to meet Chancellor John Healey and Energy Secretary Miatta Fahnbulleh this week. He wants banks to help fund public services and measures to ease pressure on households finding it difficult to heat their homes.
Marra has not selected a tax mechanism, The Independent reported. The outlet identified a higher additional bank corporation tax surcharge as one possible route for his proposal. The surcharge currently stands at 3% on chargeable profits above an allowance.
A Treasury spokesperson declined to discuss the proposal before the Budget, saying the chancellor announces tax decisions at fiscal events. Healey is scheduled to deliver the Budget Wednesday, Oct. 28.
