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UK must resist raising taxes on banks, says NatWest boss as profits leap 30%

The Guardian•Friday, October 24, 2025 at 11:03:30 AM
PositiveWorld Affairs
UK must resist raising taxes on banks, says NatWest boss as profits leap 30%
NatWest's CEO, Paul Thwaite, has urged the UK government to avoid raising taxes on banks in the upcoming autumn budget, especially after the bank reported a remarkable 30% increase in profits. Thwaite acknowledges the tough decisions facing Chancellor Rachel Reeves to address a potential £30 billion shortfall in public finances, but emphasizes the importance of maintaining fiscal discipline while fostering stability and growth. This stance is significant as it highlights the delicate balance between government revenue needs and the health of the banking sector, which plays a crucial role in the economy.
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