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UP to £20 billion can be raised with a windfall tax on the big four UK banks this year, an analysis by Positive Money revealed today.
HSBC, Barclays, Lloyds and Natwest have reported record £28.93 billion pre-tax profits in the first half of the year thanks to sky-high Bank of England interest rates.
Bringing the government’s banking profit surcharge in line with that for energy companies — from 3 to 35 per cent — could raise enough to reinstate the £20 universal credit uplift, abolish the two-child benefit cap, provide free school meals to all children and give public-sector workers a 10.5 per cent pay rise, the campaign group said.
Research author Simon Youel said: “A windfall tax could not only lift millions of families out of poverty and revitalise our precious public services, but it could restore faith in a disillusioned public that it is possible for politicians to work in their interests.”
