Marra, new to the Scottish Labour leadership, aligns with calls to tax the wealthiest to fund public services, arguing the financial sector’s strong profits justify a tax hike and boost to public services.

Scottish Labour leader Michael Marra urges the Chancellor to raise taxes on large banks ahead of the Budget, saying big firms should contribute more as profits rise in the sector.

A Treasury spokesperson declined to engage with the bank tax proposal before the Budget, saying tax decisions are set by the Chancellor at fiscal events rather than through preemptive comments.

Marra plans to meet with the Chancellor and Energy Secretary Miatta Fahnbulleh within the week to discuss the proposals in advance of John Healey’s autumn Budget statement.

Marra signals openness to various tax methods, including potentially increasing the existing 3% bank surcharge as part of broader progressive tax reform.

Marra highlights Barclays’ 12% quarterly profit rise and notes mortgage rates outpacing the base rate while savings rates stay low, arguing windfall profits from banks justify higher taxation.