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UK budget and bank taxation

This dossier tracks British budget measures affecting banks and household support, from announcement through implementation.

Last updated : 1 key moments
Bank of England, London, June 2015. Archive illustration; this institution is not announcing the tax measure. DAVID ILIFF, CC BY-SA 3.0.
Bank of England, London, June 2015. Archive illustration; this institution is not announcing the tax measure. DAVID ILIFF, CC BY-SA 3.0. — DAVID ILIFF / Wikimedia Commons — CC BY-SA 3.0 https://creativecommons.org/licenses/by-sa/3.0/ — juin 2015, redimensionnement.

Where things stand

On 28 October 2026, London announces a 6% bank surcharge for fifteen months from January 2027.

Confirmed

London temporarily doubles bank surcharge to support households

British Chancellor John Healey announced on 28 October 2026 that the bank surcharge would rise from 3% to 6% from January 2027 for fifteen months.

Bank of England, London, June 2015. Archive illustration; this institution is not announcing the tax measure. DAVID ILIFF, CC BY-SA 3.0.
Bank of England, London, June 2015. Archive illustration; this institution is not announcing the tax measure. DAVID ILIFF, CC BY-SA 3.0. — DAVID ILIFF / Wikimedia Commons — CC BY-SA 3.0 https://creativecommons.org/licenses/by-sa/3.0/ — juin 2015, redimensionnement.

The government expects £1.5 billion in additional revenue. It presents the contribution as a way to fund part of its support for household energy bills.

The budget presented to Parliament includes a planned direct payment of £100 to around 20 million households in England. The announced payments and expected tax proceeds are budget measures and projections; actual disbursements remain to be tracked.

Sources 3