Banks may see higher tax as a price worth paying for economic stability

Third-quarter profits will be subdued, but many lenders will accept a raid on them to boost the public finances (and their own image)

UK banking bosses would be well advised to take a page out of the Shell boss's book when they report third-quarter earnings this week.

Ben van Beurden made waves earlier this month when the oil chief declared that the profitable energy sector should be taxed to help protect the poorest people from surging living costs. That was despite Liz Truss's government having refused to claim a larger chunk of energy firms' profits, even as she rolled out costly caps on gas and electricity bills.