Politics news: Labour set for bank tax raid as John Healey scrambles to raise funds ahead of Budget

POLITICS LATEST Labour set for bank tax raid as John Healey scrambles to raise funds pre-Budget 1792142175.257 Live Labour set for bank tax raid as John Healey scrambles to raise funds ahead of Budget Stay up-to-date with all the latest political coverage from GB News below John Healey has set his sights on British banks in a bid to plug a "£35billion black hole" in the upcoming Budget. The Chancellor is planning to axe former Tory Chancellor Jeremy Hunt's reduction in the surcharge banks pay on profits in an effort to boost revenue and keep the deficit under control. Speaking in Bangkok at an International Monetary Fund event yesterday, Mr Healey said: "They’re a big contributor to the economy. "They’re an important part of our business. They’re a part of the jewel, if you like, in the British economic crown." The plans, backed by union bosses, are estimated to raise £2.25billion a year by increasing the surcharge to eight per cent. Trades Union Congress (TUC) general secretary Paul Nowak even urged the Chancellor to go further, up to 16 per cent, which the union says could raise £24billion in tax revenues over four years. This week, the Institute for Public Policy Research recommended generating £1billion from a temporary surcharge on commercial banks' windfall profits among a package of measures to raise an extra £16billion to help struggling households. The think tank, which has been influential in Labour policy-making, said the proposals would help rebuild the Chancellor's fiscal buffer which it estimated has dropped by up to £15billion since the spring. Sign up to the Politics Newsletter Email address Sign up I agree to receive updates and information about my account, the GB News Community, and related products and services from GB News. By signing up you agree to the Terms and Conditions and Privacy Policy and Community Rules. Thank you for signing up! See the latest from GB News here . Choose GB News on Google - add us as a preferred source Choose GB News Support GB News Champion free speech and independent journalism while unlocking exclusive benefits. Support us Follow for the LATEST UPDATES throughout the day... Andy Burnham set for 'fight of his political life' over broken welfare system The Prime Minister faces "the fight of his political life" to reform our broken welfare system, Times columnist Fraser Nelson tells GB News on Chopper's Political Podcast this week. Last summer, the the- PM Sir Keir Starmer and then-Chancellor Rachel Reeves tried and failed to cut £5billion from the ballooning benefits bill, but were defeated by over 100 Labour MPs who rebelled. Pat McFadden, the Work & Pensions Secretary, ordered reviews into "young people and work", being undertaken by Alan Milburn, and Personal Independence Payment (PIP), being undertaken by Stephen Timms. Both are due to be published this autumn, though the Milburn report was due before the budget and has now been pushed back. READ FULL STORY HERE. Share Andy Burnham 'in our backpocket soon', SNP MSP gloats as he reveals 'real reason' PM heads to Scotland Andy Burnham is "soon going to be in our back pocket", Holyrood's Economy Secretary Stephen Flynn said. Mr Flynn, who was the nationalist party's leader in Westminster until he won a seat in the Scottish Parliament, said the SNP was "living rent free in Mr Burnham's head right now, and all the polls would indicate that, with potential for the SNP to win an excess of 40 seats at the next general election". "He is soon going to be in our back pocket, and that's the real reason Mr Burnham is coming north." Share Lisa Nandy eyes up 'Netflix tax' to boost BBC licence fees The Culture Secretary is eyeing up a "Netflix tax" to boost BBC revenue from licence fees. Lisa Nandy is looking at proposals to extend the licence fee to cover streaming services in a bid to boost the broadcaster's revenue. The blueprint is expected before Christmas. Share Andy Burnham told to rule out Scottish independence referendum as Tories launch attack Andy Burnham has been told to rule out a Scottish independence referendum ahead of the Prime Minister's first visit to Scotland since entering No10. Kemi Badenoch warned Mr Burnham could break up the UK - and was even "playing into the hands" of left-wing nationalists. The Tory leader told The Telegraph: "We can’t treat referendums as if they are general elections, where you can change a government from time to time. Constitutional issues are settled for the very, very long term. "They are not to be treated like general election issues. We have now had both of those referendums, and it’s time for us to start looking forward rather than looking backwards." Share Lucy Powell to put speaking skills on same level as reading and writing in 'Orwellian' plans Lucy Powell has said she will put oracy, or speaking skills, on the same level as reading and writing in a major shake-up of British education. The Education Secretary, speaking at the Confederation of School Trusts (CST) annual conference, set out her "mission" to transform the Department of Education (DfE) into the "department of hope". Under Ms Powell and Andy Burnham, the DfE will build a "system that rewards inclusion", she added. Further outlining her vision, she said the education system should "widen the narrow view of what good is". 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