UK business groups reportedly prepare warning against possible bank tax rises

Sky News reports that trade associations said to include UK Finance, AFME and TheCityUK have been circulating a letter they intend to send to Chancellor John Healey ahead of the October 2026 budget. A draft warns that raising banks’ taxes could push capital, people and businesses out of Britain without increasing tax receipts. Unions, meanwhile, have called for higher bank taxes to fund government commitments.