UK Chancellor Rachel Reeves might enhance revenues by imposing a windfall tax on banks

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Bloomberg carry the report, gated. Briefly:

  • UK Chancellor Rachel Reeves might enhance revenues by imposing a windfall tax on industrial banks, focusing on income earned from taxpayer-funded deposits on the Financial institution of England.

  • The Institute for Public Coverage Analysis estimates such a levy would elevate £32.three billion over the present five-year parliament, giving Reeves £three.6 billion in further fiscal headroom.

  • The assume tank additionally urged the BoE to halt energetic gilt gross sales, a step it says would save greater than £10 billion yearly and lower curiosity prices by £1.1 billion in 2029-30.

The UK authorities is contemplating many means to rais erevenue.

This text was written by Aaron Cutchburt at investinglive.com.

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