Rachel Reeves is considering increasing the tax banks pay on their profits in a last-minute bid to fill a multibillion-pound black hole in the public finances at the Autumn Budget – but experts warn it could end up hitting savers.

The Chancellor has faced intense lobbying over the past few months to increase the existing bank surcharge in the hopes of raising at least £2bn from the finance sector.

Multiple sources have previously told The i Paper that this proposal is being actively considered by the Treasury, and insiders have now told The Daily Telegraph that it is still on the cards. New Feature

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The so-called “banking surcharge” was bumped to 8 per cent after the financial crash, before being reduced to 3 per cent in 20

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