The Aporia
The Aporia
Paton, C. (2026, October 26). Scottish Labour leader calls for tax hikes on big banks ahead of Budget. Evening Standard. https://www.standard.co.uk/business/business-news/john-healey-budget-scotland-tuc-b1302331.html
Paton, Craig. “Scottish Labour leader calls for tax hikes on big banks ahead of Budget.” Evening Standard, 26 Oct. 2026, https://www.standard.co.uk/business/business-news/john-healey-budget-scotland-tuc-b1302331.html.
Paton, Craig. “Scottish Labour leader calls for tax hikes on big banks ahead of Budget.” Evening Standard, October 26, 2026. https://www.standard.co.uk/business/business-news/john-healey-budget-scotland-tuc-b1302331.html.
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Michael Marra, the new leader of Scottish Labour, has called on Chancellor John Healey to increase taxes on big banks ahead of the upcoming Budget. Profits for major banks like Barclays surged by 12% in the third quarter due to high mortgage rates and low savings rates, according to Marra. In the first half of this year, Britain's largest banks collectively earned around £15 billion in profits. Marra argues that taxing these windfall profits would help fund essential public services like the NHS and assist individuals struggling with heating costs. However, critics warn such measures could push up mortgage rates further.
