Lloyds CFO warns against extending bank tax levy beyond 2028
The Guardian reported that Lloyds Banking Group’s chief financial officer William Chalmers criticised the chancellor for linking bank tax increases to…
The Guardian reported that Lloyds Banking Group’s chief financial officer William Chalmers criticised the chancellor for linking bank tax increases to energy‑bill support for UK households.
Chalmers warned the government against extending the higher levy beyond March 2028, saying the economic environment is “challenging but said this should not come at the expense of the banking sector, as it provides loans that could fuel UK growth.”
He added that he hopes the measure in the budget is temporary, arguing that the sector’s lending capacity is important for growth.
Why it matters
The comments highlight a clash between fiscal policy and the banking sector’s role in providing growth‑fueling loans, which could influence future tax decisions.
Key details
- Location
- United Kingdom · Europe
- Reported by
- The Guardian
- First reported
- Key names
- Healey, UK, Lloyds Banking Group, William Chalmers
- Section
- Business
Sources
This is an independent summary. Read the full, original reporting from the publisher:
Read the full story at The GuardianSpotted an error? Request a correction · How this summary was produced
Related Stories
UK economy grew 0.1% in August ahead of Healey's first Budget
The uptick helped the economy grow by 0.7% over the three months to August, official figures show.
Healey criticised for failing to target energy bill aid at poorest households
The Guardian reported that John Healey has been accused of a “complete failure” to direct energy‑bill support to the households that need it most.
What we now know about the UK economy in four charts
The Office for Budget Responsibility says higher energy prices will impact everything from prices and living standards to economic growth.
GSK shares fall as investors worry about vaccine sales despite profit beat
The Guardian reported that shares in British drugmaker GSK slipped on Wednesday even though the company posted better‑than‑expected financial results.
Poundland's future hangs in the balance as chain edges towards collapse
Poundland's bosses have filed a notice of intention to appoint administrators to the business.
Resolution Foundation says Healey's budget leaves households facing higher energy bills
John Healey delivered a “scattergun” budget that, according to the Resolution Foundation, did little to boost living standards and puts Britain into…
Shell profits double to $10.8bn as Iran war pushes up profit margin on oil
Shell reported on Thursday morning that it made an adjusted profit of $10.8bn (£8.1bn) in the July-September quarter, up from $5.432bn in the third…
Chancellor Healey unveils budget aimed at cutting energy bills with bank tax
The Guardian reported that Chancellor John Healey presented his first budget on behalf of Andy Burnham’s administration on Thursday.