British banks seek to block profit tax hikes

The British government plans to increase taxes imposed on banks, potentially raising the additional tax from 5% to 8%, a level seen before 2023, in order to boost tax revenue for the 2026 budget. Goldman Sachs analysts confirmed that this increase will lead to a decline in the profits of major banks, with Barclays expected to see a reduction of between 2% and 3%, and Lloyds Banking Group and NatWest Group projected to decline by 6% to 7%. Banks are among the primary targets of this increase, which may impose a greater burden compared to previous rates, especially since the government aims to fund the budget without raising capital tax, thereby increasing tax pressure on the British banking sector.

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