The Budget of 28 October 2026 raises the Bank Corporation Tax Surcharge from 3% to 6% for 15 months from 1 January 2027, the Budget 2026 document on GOV.UK shows, and BBC News and The Guardian report the same.
The Budget market resolves YES if the Budget delivered on 28 October 2026 includes a new tax or levy specific to banks, or an increase in the banking surcharge above 3%, as published in HM Treasury's Budget documents on gov.uk. A change to the existing balance-sheet bank levy rate also counts; reliefs, allowances or consultations alone do not.
Britain has seen this before. One industry makes very large profits while people struggle with costs, and the chancellor needs money. We found five such cases since 1981, and they split. Three ended in a new tax, which came at a new government's first Budget or in a crisis. Two ended with no tax, when chancellors in the middle of a term protected the City of London.