John Healey's Budget provides relief - but more will be needed in years ahead

Originally published on The Mirror, 28 October 2026

After years of campaigning from trade unions – backed by the Daily Mirror – the Chancellor announced he would be taxing banks’ bumper profits to cut bills.

The result? £100 landing in the bank accounts of 20 million households to help with energy costs. That’ll mean real breathing space for families right across the country.

As the crackpots in the White House and Kremlin continue to wage their illegal wars and cause global economic chaos, this couldn’t come at a more urgent time.

Households are staring down the barrel of a long and hard winter so the Chancellor was absolutely right to act.

Taxing banks to pay for support was a no brainer – banks have seen profits soar while everyone else has struggled with mortgage misery and rising costs.

Since 2021, when interest rates started to rise, the big banks have made £200 billion in profit. And this year alone they’ve been cashing in a billion a week.

But it’s not just eye-watering profits which show they can easily afford to pay more. Look at the pay packets top bankers have been helping themselves to.

It takes just two days for the top bosses at Britain’s biggest banks to make what the average worker takes a whole year to make. And last year, the City handed out record bonuses – a massive £25bn.

The evidence is irrefutable. And given the high-interest rate economy, it wouldn’t be surprising if banks continued to register massive profits. That’s why the Chancellor should be prepared to step in again, extend and increase the tax on excess bank profits in years ahead.

But while raising taxes on the banks was welcome, we’re going to need to see more to deliver the circuit breaker Britain needs.

That means boosting support to bring down manufacturers’ energy costs, investing in our public services, and rebalancing our tax system so it rewards work - not wealth.

The Prime Minister and Chancellor have provided some much-needed relief. But make no mistake – more is going to be needed in the years ahead.