The figures from Lloyds Banking Group, NatWest Group, Barclays and HSBC are expected to show their combined profits rising from £25 billion in 2019 to £33 billion in 2022, according to The Times.

Lloyds is expected to report pre-tax profits of £1.8 billion in the third quarter and £7.2 billion for the year.

NatWest – which owns the Royal Bank of Scotland – is expected to report £1.3 billion for the quarter and £5 billion for the year.

Barclays is expected to report £1.8 billion in pre-tax profits for the quarter and £6.9 billion for the 12 months to the end of December.

HSBC is expected to generate profits of $16.1 billion USD (around £14.2 billion) this year.

Analysts believe the increase in profits could tempt the next prime minister to raise taxes on the financial services sector in order to address the fiscal deficit.

Ben Jones, co-head of global tax at law firm Eversheds Sutherland, told The Times: “At a time when banks are benefiting from significant interest rate rises, this could be a popular move. But careful consideration should be given to this measure in a post-Brexit world where the UK is trying to sustain its reputation and attractiveness as a global leading financial services hub.”