Campaigners are advocating for a windfall tax on UK banks, saying the levy could raise £19bn to the fund the Government’s cost of living initiatives. With the collective profits for the UK’s four largest banks – HSBC, NatWest, Barclays and Lloyds – hitting £29.2bn over the first six months of the year, campaigners argue that banks can afford the tax, noting that they have pledged £13.7bn to shareholders. Positive Money suggests that the Government could replicate a levy rolled out in Spain, targeting any UK revenues above £800m with a 38% tax, in line with the energy profits levy introduced for oil and gas companies announced in 2022. Sara Hall, co-director of Positive Money, has urged Prime Minister Andy Burnham to “break with his predecessors by resisting the demands of City lobbyists and reclaiming these lost billions with a windfall tax on bank profits.” TUC general secretary, Paul Nowak, said: “There is now a mountain of evidence to suggest that banks can easily afford to pay more tax. While higher interest rates have meant mortgage misery and bigger bills for the rest of us, the big banks have been rolling in it.”

Rupert Lowe, leader of Restore Britain, says his party would look to deliver significant tax cuts, saying he would raise the personal allowance from £12,571 to £16,000 and increase the basic-rate threshold to £100,000. However, experts say the proposed income tax cuts could cost up to £100bn a year and create a major gap in public finances. Meanwhile, Mr Lowe added that, if elected, he would introduce a zero rate on corporation tax for the first £50,000 of profit that companies make. Restore Britain, he said, would also eradicate unpopular levies such as stamp duty and inheritance taxes – with the cuts funded through welfare reforms. Restore Britain has proposed scrapping the triple lock pension, setting out an economic plan which suggests that pension increases should only match inflation.

Brian Monteith in the Telegraph says a proposed National Care Service could cost around £18.7bn a year by 2035, plus £18bn in setup costs, raising questions over how it would be funded. Critics argue it would require significant tax rises, potentially through higher income tax. One option that has been discussed is a 10% flat-rate inheritance tax on all estates, which would expand the tax from the current system affecting around 31,500 estates a year to around 646,000 estates annually. Supporters argue that the charge could fund social care, but opponents warn it would be politically risky and lacks a manifesto mandate.

BP chief executive CEO Meg O’Neill, who recently announced that the company’s North Sea operations are for sale, has highlighted a lack of competitiveness due to high windfall taxes. The North Sea business, which employs around 1,100 people, has faced increased tax burdens, with an effective rate of 78%. Ms O’Neill has urged the Government to reconsider the tax and emphasised the importance of utilising domestic resources to support jobs and tax revenue.

Most of Britain’s scale-up founders are sceptical about Prime Minister Andy Burnham’s support for the private sector. A survey by Helm, representing over 400 founders with a combined revenue of £8bn, revealed that only 6% view Mr Burnham as pro-business. Around 83% expect conditions to remain the same or worsen.

A Wealth Club survey has found that 98% of investors expect tax rises under Prime Minister Andy Burnham, fuelling speculation over portfolio changes. However, Susannah Streeter of City AM urges investors not to make rash decisions based on tax rumours, as selling assets too early can trigger tax bills and reduce long-term returns. Instead, they should maximise existing tax-efficient options such as ISAs, pensions, and, where appropriate, VCTs, EISs and SEISs.

The Government faces a significant challenge in meeting its housebuilding target of 1.5m new homes by 2029, with research from Land Value Calculator showing that the construction sector needs 300 additional workers daily, yet it is losing 200 workers each day. Last year, only 143,110 homes were built, the lowest since 2015/16. The Government has pledged £625m to recruit 60,000 workers and £1.2bn for skills training to address the crisis.

The Government’s Help to Buy equity loan scheme has generated a £1.74bn return since launching in 2013, including £1.24bn from loan repayments and £500m in interest, according to Homes England. However, officials warned falling flat prices, particularly in London, could reduce future returns and make it harder for some homeowners to repay loans. Property experts have renewed calls for a revised Help to Buy scheme to support first-time buyers and boost the housing market, despite previous criticism that it inflated new-build prices.

The administrators of Market Financial Solutions (MFS) have initiated legal proceedings against Barclays, claiming the bank has withheld over £160m in funds. Alix Partners, appointed as joint administrators, has filed a High Court claim to recover the cash. MFS collapsed with a £1.3bn shortfall and faced allegations of “double pledging” assets. Barclays, which has a total exposure of around £500m to MFS, confirmed it will defend the claim.