[1andrew1]

Coincidentally, £40bn pa is calculated to be the tax revenue the UK is losing as a result of Brexit.

Jeremy Hunt lines up raid on bank profits to help fill £40bn UK fiscal hole

Chancellor also examining extending windfall tax on oil and gas companies

Chancellor Jeremy Hunt is preparing to raid the profits of banks and energy companies in an attempt to fill a £40bn fiscal hole through a mix of tax rises and public spending cuts.

Hunt’s Budget on October 31 is due to include big tax rises, with allies of the chancellor saying they expect him to target the earnings of lenders and oil and gas companies. He has spoken of “eye-wateringly difficult” decisions.

The chancellor told a sombre cabinet meeting on Tuesday that ministers would have to exert tight spending control, as he tries to prove to financial markets that he can bring Britain’s deficit under control.

In a sign of cabinet tensions, Ben Wallace, defence secretary, and James Heappey, his deputy, indicated they could quit if Liz Truss, prime minister, reverses a pledge to raise defence spending to 3 per cent of gross domestic product by 2030.

https://www.ft.com/content/147e9952-...2-96065641860e