Barclays CEO Says Bank Taxes in Budget Could Be 'Bearable'

The chief executive of Barclays has indicated that proposed bank taxes in the UK's upcoming budget could be 'bearable', while also offering public support for the chancellor, John Healey.

Speaking to reporters, the CEO said: 'I deeply respect the responsibility that the chancellor has and he has our full support and backing.' The comments come at a sensitive moment, as the government finalises its budget, which will determine how much tax banks and other businesses may face.

Banks have historically been wary of tax rises, arguing that higher levies could affect profitability and competitiveness. However, by describing the potential measures as 'bearable', the Barclays boss has signalled a degree of acceptance rather than opposition, which could ease tensions between the financial sector and the Treasury ahead of the announcement.

The remarks were made as part of wider political coverage ahead of the budget, which has also included discussion of red tape affecting small businesses, a long-standing concern for companies navigating government regulation.

Separately, the Office for National Statistics (ONS) has released its latest report on the gender pay gap in the UK, continuing its regular tracking of pay differences between men and women across the economy.

The ONS is the UK's principal body for producing official statistics on employment, earnings and the labour market, and its reports are widely used by policymakers, businesses and researchers to assess trends over time.

While the full details of the gender pay gap findings were not elaborated on in this instance, such reports typically examine whether disparities in average pay have widened, narrowed or remained stable compared with previous years.

Taken together, the comments from Barclays and the ONS release illustrate the breadth of issues under discussion as the government prepares its budget, spanning business taxation, regulatory burden and ongoing questions about pay equality in the workplace.

Further details of the budget, including any specific measures affecting banks, are expected to be confirmed when the chancellor delivers his full statement.