UK FACT CHECK POLITICS
UK FACT CHECK POLITICS
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QUOTE From: Budget 2026 live: Latest updates, analysis and fact checks

TUC's Paul Nowak backs bank tax rise, saying Treasury has lost £6bn from surcharge cut

The TUC general secretary, Paul Nowak, has backed a rise in taxes on banks, saying the Treasury has lost £6bn from the cut to the bank surcharge, the Mirror/AOL reports.

"The Treasury has already lost £6 billion in revenue from the Tories' senseless bank tax cut."

He added that "now it's time to make sure banks pay their fair share."

The £6bn figure is the TUC's. No period is given for it, and it has not been independently checked.

The Mirror/AOL piece says Jeremy Hunt cut the surcharge from 8% to 3% three years ago. It says reversing that cut would raise about an extra £2bn a year. That is in line with the figure of upwards of £2bn a year that The Guardian has reported. Neither the Treasury nor the OBR has published a costing.

The same piece says the four biggest banks, HSBC, NatWest, Barclays and Lloyds Banking Group, made around £15bn in collective profit in the first half of this year. That figure has not been independently checked.

The Chancellor, John Healey, delivers his Budget on 28 October. Reports that he plans to raise bank taxes have not been confirmed by the Treasury.

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