UK Banks Face Potential Windfall Tax

06:20 PM EDT, 10/02/2026 (MT Newswires) -- UK bank executives are concerned the government could impose a windfall tax on domestic lenders while exempting UK operations of international banks, Bloomberg reported Friday. The concerns come ahead of UK Chancellor John Healey's Oct. 28 budget and his planned meeting with bank executives next week. Some bankers believe proceeds could be used to reduce costs for small businesses, Bloomberg reported. A tax on UK profits at Lloyds Banking Group, Barclays, NatWest Group and HSBC Holdings could raise as much as 18.9 billion pounds, according to Positive Money.