Lloyds and NatWest fell about 2% on Friday after reports that Chancellor John Healey may restore the bank profit surcharge to 8% from 3%. The TUC puts the yield at £2.25bn a year, but the Treasury has not confirmed the option ahead of the October 28 Budget.
Perspective Coverage
3 publishers
- Builder
- Builder 3%
- Operator
- Operator 35%
- Investor
- Investor 62%
Reality
- Evidence45
- Adoption
- Not scored
- Hype gap+25
- Incentives70
- Confidence58
John Healey is poised to raise bank taxes in his 28 October budget, the Guardian understands, with one option worth upwards of £2bn a year. The proceeds would help cover higher borrowing costs from the Middle East war, and the banks have already warned in writing that they could move staff and business abroad.
Perspective Coverage
3 publishers
- Builder
- Builder 8%
- Operator
- Operator 35%
- Investor
- Investor 57%
Reality
- Evidence50
- Adoption
- Not scored
- Hype gap+12
- Incentives70
- Confidence58
Mortgage repayments drive the TUC's £13,961 household bills figure
TUC analysis of official figures says UK households have paid an extra £13,961 on bills since 2021, or £2,792 a year. Almost two-thirds of it is mortgage cost, so the figure measures borrowers more closely than it measures households in general.
Reality
- Evidence50
- Adoption
- Not scored
- Hype gap+25
- Incentives75
- Confidence55
TUC prices the 2023 bank surcharge cut at £6bn ahead of Healey's budget
The TUC says cutting the bank surcharge from 8% to 3% in 2023 cost the UK £6bn over three years. It wants a higher rate at the 28 October budget, so bank finance teams have a scenario to price while the Treasury has not stated its intentions.
Reality
- Evidence40
- Adoption
- Not scored
- Hype gap+30
- Incentives75
- Confidence40
Kemi Badenoch says a Conservative government would end inheritance tax on family homes and let couples leave an extra £1m tax-free. For owner-operators planning succession, it stays an opposition promise until the party wins power and passes it into law.
Perspective Coverage
4 publishers
- Builder
- Builder 10%
- Operator
- Operator 44%
- Investor
- Investor 46%
Reality
- Evidence70
- Adoption
- Not scored
- Hype gap+25
- Incentives78
- Confidence66
Flexible working refusals will need a reason employment tribunals can examine
Employers refusing flexible working requests will have to show it is reasonable to rely on one of eight statutory grounds, under rules expected in late 2027. Rulings on what counts as reasonable will lag the rules by years, so HR teams will apply the test with little guidance.
Reality
- Evidence40
- Adoption
- Not scored
- Hype gap+20
- Incentives
- Not scored
- Confidence45
The UK has no maximum workplace temperature, so employers are setting one by default
A survey of 1,288 workers in seven climate-exposed sectors found 56% hit by extreme weather at work last year. Only 26% said their employer has a plan for it.
Reality
- Evidence42
- Adoption27
- Hype gap+18
- Incentives62
- Confidence38