Autumn Budget 2026: Bank tax will hardly ‘do no harm’

This Autumn Budget fell a little short of the ‘do no harm’ test, especially concerning the bank tax, writes Miles Celic Recognising what drives growth is easier than delivering a Budget that supports it. The Chancellor was right to acknowledge the contribution financial and related professional services make to jobs and investment across the UK. But his measures didn’t consistently match that ambition. Announcements on defence, resilience and devolution were welcome and offer opportunities for our industry to lean in with the necessary capital, expertise and skills. Raising the bank surcharge – albeit for a timebound period – pulls in the opposite direction. A ‘do no harm’ Budget was our test. It is one that the Chancellor has not quite met. While the increase in the bank tax surcharge from January next year from three per cent to six per cent is specifically timebound to 15 months, its impact nevertheless hits the UK’s attractiveness compared to its main competitors. Its tempora