Bank tax set to be increased after massive profits announced

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Mr Healey is thought to be considering increasing the surcharge on profits from 3 to 8 per cent in Wednesday’s Autumn Statement, reversing a 2023 Tory tax cut.

Lloyds, HSBC, NatWest and Santander will report their third-quarter financial results this week.

Barclays admitted tax hikes would be “bearable.” The bank reported pre-tax profits of £2.3 billion, a rise of 12 per cent on the same quarter last year.

Lloyds is forecast to report a near doubling of its third-quarter profit on Thursday;  analysts say the banking group will show a pre-tax profit of £2.3bn, up from £1.2bn a year ago.

NatWest is expected to report an operating pre-tax profit of £2.2bn, while HSBC is forecast to report a jump in earnings to a £7.3bn pre-tax profit.

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