UK Banks Brace for Higher Taxes in Upcoming Budget

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Senior banking executives anticipate that the sector will face additional taxation when the UK chancellor announces the Budget within weeks. The four largest banks generated approximately £15 billion in profit during the first half of this year, prompting demands from trade unions and advocacy groups for increased levies. Although John Healey has characterized banks as part of the nation's economic foundation, he has deliberately avoided ruling out tax increases on the sector, signaling potential policy changes ahead.