LABOUR faced increasing pressure on Friday to announce a more than 10-fold tax hike on banking profits to at least 35 per cent in this month’s Budget.Unions, the Green Party and left campaign groups urged Chancellor John Healey to bring the surcharge that banks pay on top of corporation tax in line with the oil and gas levy.Shares in banks fell by more than 2 per cent on Friday following reports that the Treasury is looking to reverse a Tory cut to the surcharge from 8 per cent to 3 per cent.

LABOUR faced increasing pressure on Friday to announce a more than 10-fold tax hike on banking profits to at least 35 per cent in this month’s Budget.

Unions, the Green Party and left campaign groups urged Chancellor John Healey to bring the surcharge that banks pay on top of corporation tax in line with the oil and gas levy.

Shares in banks fell by more than 2 per cent on Friday following reports that the Treasury is looking to reverse a Tory cut to the surcharge from 8 per cent to 3 per cent.

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