Overview

• Goldman Sachs boss David Solomon privately cautioned Chancellor Rachel Reeves last week that higher bank taxes would hurt UK growth, and neither the Treasury nor the bank provided a readout of the meeting.
• The British Chambers of Commerce urged the chancellor to avoid new business tax rises, calling the 26 November statement a make‑or‑break moment after last year’s roughly £40bn in increases.
• Reports suggest banks could be targeted to help close an estimated £20bn–£30bn shortfall in the public finances, with sector levies under discussion reported as possibilities rather than confirmed plans.
• HSBC and NatWest chiefs warned extra charges could curb investment and lending capacity and weaken competitiveness, with industry data showing UK bank tax rates outstrip several European rivals.
• Retail sales growth slowed in September as households faced higher bills, and analysts expect the OBR’s pre‑Budget outlook to show weaker growth that would tighten the choices facing the Treasury.