UK Finance Minister Healey plans to raise taxes on UK banks in the October 28 budget.

John Healey is preparing to tax the UK banking sector in the October 28 Budget to offset the damage to public finances caused by the Middle East war. The Chancellor is currently in Bangkok. The International Monetary Fund there acknowledged the UK's progress in balancing the fiscal budget and urged him to "stick to the current policy." Facing rising government borrowing costs, and to keep the Treasury's deficit-reduction plan on track, Healey has decided to open up new sources of revenue from the financial industry. One of the options under discussion is said to be reversing the bank surcharge cut made during Jeremy Hunt's tenure, a move that could raise more than 2 billion a year. Healey said that in the face of rising energy prices, he wants his first Budget as Chancellor to provide "breathing space" for both consumers and businesses.