Healey expected to raise bank taxes in Wednesday's Budget as Tories warn on mortgages
Chancellor John Healey is reported to be planning higher taxes on big banks in his first Budget on Wednesday. The Conservatives say this would raise mortgage rates, while Scottish Labour leader Michael Marra has urged the move.
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The story, neutrally told
Mixed · 2Chancellor John Healey is due to deliver his first Budget on Wednesday, and the Daily Mail reports he is set to levy billions of pounds in extra taxes on the big banks. Daily MailR “He is set to levy billions of pounds in extra taxes on the big banks as he scrambles around for cash in Wednesday's Budget.” Read at Daily Mail ↗ Evening StandardN “John Healey is due to lay out his first Budget on Wednesday.” Read at Evening Standard ↗ Right · 1According to the Daily Mail, Healey will argue that the tax increase on the heavily taxed sector is justified by bumper profits. Daily MailR “He will argue the raid on the heavily-taxed sector is justified by bumper profits.” Read at Daily Mail ↗ Right · 1Shadow Chancellor Andrew Griffith told Times Radio that higher bank taxes would push up mortgage rates, which he said are already extremely high, as banks compensate for the extra tax. The Conservatives urged Healey to drop the plans. Daily MailR “It means mortgage rates which are already extremely high will have to increase to compensate banks for that higher level of tax.”“They urged Chancellor John Healey to drop plans to push Britain's record tax burden even higher.” Read at Daily Mail ↗
Right · 1Richard Walker, the Iceland supermarket boss, Labour peer and former Labour cost-of-living tsar, warned against another tax raid on business, saying business is "not an endless piggy bank that can be squeezed". Daily MailR “Business is not an endless piggy bank that can be squeezed.” Read at Daily Mail ↗ Centre · 1Scottish Labour leader Michael Marra called on the Chancellor to raise taxes on big banks, echoing calls from the TUC last week. Marra said big firms should "do their bit" and that Labour governments should make progressive choices on tax. Evening StandardN “Scottish Labour leader Michael Marra has called on the Chancellor to increase taxes on big banks.”““Labour governments should make progressive choices on tax,” Mr Marra said.” Read at Evening Standard ↗ Centre · 1Marra pointed to a 12% rise in Barclays' third-quarter profits and said the biggest banks made around £15 billion of profit in the first six months of the year. Marra attributed this to mortgage rates outstripping the base rate while savings rates did not. Evening StandardN “Profits have spiked for big banks, with a 12% increase for Barclays in the third quarter of this year”“the biggest banks have made around £15 billion of profits.” Read at Evening Standard ↗
Centre · 1The Evening Standard reports Marra is understood to be open on how banks' tax could rise, with an increase on the current 3% corporation tax surcharge a possible route. Marra is due to meet the Chancellor and Energy Secretary Miatta Fahnbulleh this week. Evening StandardN “with a hike from the current 3% they pay in corporation tax surcharges a potential avenue.”“The Scottish Labour leader will meet the Chancellor and Energy Secretary Miatta Fahnbulleh this week.” Read at Evening Standard ↗ Centre · 1A Treasury spokesman declined to engage with the suggestion, saying tax decisions are for the Chancellor to set out at fiscal events rather than routinely commenting on rumour, speculation or proposals. Evening StandardN “decisions on tax are a matter for the Chancellor to set out at fiscal events, rather than routinely commenting on rumour, speculation or proposals” Read at Evening Standard ↗ Right · 1Separately, the Daily Mail reports that the Treasury's entrepreneurship tsar Alex Depledge, who is quitting this week, criticised the government for not focusing on the businesses of the future. This embarrasses Healey, who said the Budget would help "bloody-minded entrepreneurs". Daily MailR “the Treasury's entrepreneurship tsar Alex Depledge criticised the government for failing to focus on the businesses of the future”“Her departure embarrasses Mr Healey who said his Budget would be aimed at helping 'bloody-minded entrepreneurs'” Read at Daily Mail ↗
Every sentence links to the reporting it rests on. The pill in front of each says where its sources sit: Left, Centre or Right when one side supplies at least half of them, Mixed when they are evenly split. The number is how many outlets it cites.
Left0 outlets
No left outlet in our sources has covered this story yet.
Centre1 outlet
- Framing
- A straight report on a Labour leader's call for higher bank taxes ahead of the Budget, with figures on bank profits and a Treasury response.
- Emphasis
- Marra's progressive-tax case, bank profit figures and the Treasury's no-comment line.
- Leaves out or plays down
- Does not carry the Conservative warning that bank taxes would raise mortgage rates.
- Charged language
- “windfall profits”
- For example
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“Scottish Labour leader Michael Marra has called on the Chancellor to increase taxes on big banks.” — Evening Standard
Right1 outlet
- Framing
- A critical story about a Chancellor 'scrambling' for cash, with a 'tax raid' on banks that would hurt homeowners, plus Labour-linked criticism and an embarrassing departure.
- Emphasis
- Tory warnings on mortgage costs, Labour backers' criticism of taxing business, and the departure of Alex Depledge.
- Leaves out or plays down
- Does not give arguments for higher bank taxes, such as Marra's figures on bank profits, or the Treasury's refusal to comment.
- Charged language
- “tax raid”“scrambles around for cash”“endless piggy bank”
- For example
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“as he scrambles around for cash in Wednesday's Budget.” — Daily Mail
What every side reports
- Healey is due to deliver his first Budget on Wednesday.
- Banks' profits are high and bank taxation is a live issue ahead of the Budget.
- The Treasury has not confirmed any bank tax measures in advance.
Where accounts differ
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Effect of higher bank taxes
- Centre
- Marra argues banks make windfall profits from the gap between mortgage and savings rates and should pay a fairer share to fund help for households.
- Right
- Tories warn it would raise mortgage rates, and a Labour peer says business is not an endless piggy bank.
John Healey person
Reportedly plans billions in extra bank taxes, justified by bumper profits; the Treasury declined to comment on speculation ahead of the Budget.
“He will argue the raid on the heavily-taxed sector is justified by bumper profits.” — Daily Mail
“rather than routinely commenting on rumour, speculation or proposals” — Evening Standard
Michael Marra person
Urges higher taxes on big banks, citing windfall profits, and is open on how the tax could rise.
““The banks paying their fair share would be a good place to start to fund measures that give people a bit of breathing space.”” — Evening Standard
Left0 articles
No coverage yet.
Centre1 article
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Scottish Labour leader calls for tax hikes on big banks ahead of Budget
Neutral Reports Marra's call for bank tax rises with profit figures and the Treasury's response.
Right1 article
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Critical Presents the expected bank tax as a desperate 'raid' that will raise mortgage costs, backed by Tory and Labour-linked critics.
- 26 Oct 03:04 First Daily MailR Chancellor's tax raid on banks 'will raise the cost of mortgages', warn Tories ahead of Wednesday's budget - as even Labour backers tell Healey not to use businesses as 'an endless piggy bank'
- 26 Oct 10:09 +7h 5m Evening StandardN Scottish Labour leader calls for tax hikes on big banks ahead of Budget
Times are when each article was published, or when we first saw it if the outlet gave no time.
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