UK Treasury weighs windfall taxes on oil firms and banks to rebuild fiscal buffer

UK Chancellor John Healey is reportedly considering windfall taxes on oil companies and banks in the upcoming Budget to help rebuild a £22.7bn fiscal buffer and fund defense and cost-of-living pledges. Treasury officials view such taxes as 'low hanging fruit' for raising revenue. The proposal is at an early stage and could face industry opposition, but signals a potential shift in UK fiscal policy toward sector-specific levies.