UK Chancellor Healy is weighing a windfall tax on banks and oil companies for her first budget. Treasury officials are discussing the measures as a way to plug a £4.7bn fiscal shortfall while avoiding direct increases in personal taxes. Healy is aiming for a low-key budget next month and for any unavoidable tax rises to be markedly smaller than those implemented under former chancellor Reeves.

2026-08-30

UK Chancellor Healy is weighing a windfall tax on banks and oil companies for her first budget. Treasury officials are discussing the measures as a way to plug a £4.7bn fiscal shortfall while avoiding direct increases in personal taxes. Healy is aiming for a low-key budget next month and for any unavoidable tax rises to be markedly smaller than those implemented under former chancellor Reeves.