#TaxTheBanks

Andy Burnham urged to unleash tax raid on banks amid £55billion profit bonanza 💰

With Britain’s big banks on course for yet another year of record profits, let’s not forget they’ve been one of the biggest beneficiaries of this cost of living crisis. Higher interest rates have allowed them to suck these profits from both their customers and the Treasury, who are footing the bill for higher rates paid on banks’ risk-free reserves at the Bank of England.

The new Prime Minister has a clear chance to break away from the unpopularity of his predecessor by standing up to City lobbyists and taxing banks’ unearned windfalls to cover his announcements to tackle the cost of living crisis and help millions of households across the country.
https://www.mirror.co.uk/money/andy-burnham-urged-unleash-tax-37474085

New Chancellor, same demand: #TaxTheBanks!
With banks dishing out *£16.4 BILLION* worth of bonuses (the highest since the financial crisis of 2008) the cost of living crisis must be something of a fantasy to City bankers.
New PM Andy Burnham and his Chancellor John Healey have been handed a rare opportunity to rebalance the scales in the public’s favour and implement a policy that won’t cost the Government a penny. Sign and share to tell them to seize the chance now! https://www.mirror.co.uk/money/british-bank-workers-bonuses-soar-37425541

Campaigners call + celebrate: no rate rises from the Bank of England!
Today, the Bank of England thankfully decided to hold interest rates at 3.75% - after we headed down to Threadneedle Street to demand them not to raise rates again.
2026 was meant to be the year rates kept coming down but the ongoing war in Iran is keeping our energy and food bills high. Unfortunately, interest rates are the *wrong tool* to deal with supply-side inflation like this, all they do instead is drive up our debt, rent, mortgage payments whilst handing even more record-breaking profits to the big banks - as Lloyds bank is proof of this week - reporting a 33% jump in Q1 profits from last year thanks to higher rates.
The very least the government and Chancellor Rachel Reeves can do is #TaxTheBanks to claw some of these windfall profits back and help those suffering most from the cost of living crisis!
Read more details here: https://positivemoney.org/uk/update/bank-of-england-no-rate-rises/

The Chancellor’s missing billions!
Following the release of new bank profit figures for 2025, we've calculated Rachel Reeves could've raised £12.5 billion by taxing the windfall profits of the big four UK banks in last year's Autumn Budget - instead of squeezing the pips of ordinary people and small businesses with freezing income tax and national insurance thresholds.

Full details: https://positivemoney.org/uk/press-release/the-chancellors-missing-billions-windfall-tax-on-banks-couldve-raised-pound125bn/

In last week's Budget, those with the broadest shoulders still slipped the net: the big banks making record profits.

We’re disappointed the Chancellor opted to listen to lobbyists over the electorate.
Read our Budget reaction blog: https://positivemoney.org/uk/update/autumn-budget-2025-banks-escape-and-lobbyists-celebrate/

We delivered nearly 70,000 signatures to Number 11 Downing Street to call on Chancellor Rachel Reeves to #TaxTheBanks in her Autumn Budget tomorrow!

Thanks so much to MPs Richard Burgon and Simon Opher, campaigners from 38 Degrees, and every single one of you who signed! 💜
https://positivemoney.org/uk/update/taxthebanks-petition-delivered-to-rachel-reeves/

The masked CEOs of Barclays, Lloyds, NatWest, and HSBC were caught partying outside Parliament this morning!

Decked out in party hats and armed with inflatable champagne bottles to celebrate hitting £35.1 BILLION in profit for 2025 so far - thankfully a group of demonstrators were there to call on Rachel Reeves to #TaxTheBanks in next month's Budget instead. Find out more -> https://positivemoney.org/uk/update/while-ceos-party-outside-parliament-it-s-time-to-taxthebanks/

Taxing banks’ windfall profits could bring in £11.3 billion 💰 …but it seems Rachel Reeves & Keir Starmer are too comfortable cosying up in bed with the big banks to make it happen❗

Shoulder-to-shoulder (literally!) we joined campaigners from The Equality Trust, Tax Justice UK, Green New Deal Rising, Make Them Pay, and War on Want, outside the Bank of England this morning to call on this Labour government to get out of bed with the banks and tax their windfall profits instead.

Check out the photos & read all the details here; https://positivemoney.org/uk/update/in-bed-with-the-banks-taxthebanks-action/