Senior banking executives have told the BBC they expect the sector to be on the menu when the chancellor announces his Budget in two weeks' time. John Healey has described the banks as part of the crown jewels of the UK economy, yet has refused to rule out a raid on the sector. The biggest four banks collectively made around £15bn profit in the first six months of this year, leading to calls from trade unions and others for additional taxes. However, the banking sector trade body, UK Finance, warned that further increases in bank taxes would weaken competitiveness, discourage investment and job creation, and work against the government's ambition to deliver growth in every postcode. What is the Budget and what could be in it?

Under the One Big Beautiful Bill Act, data center projects in rural areas could be eligible for major tax benefits starting next year. Some hyperscalers do not seem eager to take the free cash. Welcome back to Power Play! Each week, senior writer Molly Taft tackles a topic around this midterm season's biggest issue: data centers. If you've got a question or thought for the column, feel free to shoot Molly an email at [email protected] or reach them securely on Signal at mollytaft.76.

The Liberal Democrats will fight the next general election on a promise to cut taxes for millions of workers, Sir Ed Davey has said in a speech to his party conference. The Lib Dem leader said that if he gained power, he would raise the annual tax-free personal allowance to £15,000. He would also raise the 40p income tax threshold from £50,270 to £56,000, in a £17bn package funded by the economic boost he says would come from the UK rejoining the EU single market and customs union. He claimed the plan would mean a £680 cut for most taxpayers but it would not come into full effect until the fifth year of a Lib Dem government - potentially up to eight years away. The announcement was greeted with sustained applause by Lib Dem MPs and activists in the Brighton conference centre.

Unions who donate to Labour will meet John Healey on Thursday to press home their demands ahead of next month's Budget. Unite, the UK's second biggest union, has called for a reversal of the freezing of tax thresholds, that see the lowest paid drawn into paying tax. The union's leader, Sharon Graham, said she told Andy Burnham that the cut to the winter fuel allowance, carried out under former Prime Minister Sir Keir Starmer, was a disgrace, adding: What to you need to do is winter fuel in reverse - something that says to everyday people I am on your side. The call is one of a number of policy proposals unions are taking to the chancellor, including increased taxes on tech companies. Unions say they believe Healey's first budget will define Andy Burnham's direction of travel as prime minister.

When you purchase through links in our articles, we may earn a small commission. AI is cheaper than workers. Could an AI token tax keep businesses from replacing human jobs? The idea is gaining traction, and the Microsoft co-founder says he's on board. AI is about to change everything, and we're not ready.

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Why $370bn tech group Palantir pays 1.4 percent tax rate: Report Palantir Technologies, the United States data analytics and artificial intelligence company which has contracts with the country's military and intelligence apparatus, has "engineered its corporate structure" to pay no US federal corporate income tax, according to a new report. The study by the Centre for International Corporate Tax Accountability and Research (CICTAR) comes as Palantir reports soaring revenues, driven partly by government contracts, while it faces continued criticism for providing technology to the Israeli military amid the genocide in Gaza. What does the report show? Earlier this week, Palantir reported second-quarter revenue of $1.94bn, up 93 percent from a year earlier. But despite its rapid growth, CICTAR said its global effective tax rate was just 1.4 percent in 2025.

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