BAND TAX COULD COVER COST OF WELFARE U-TURN AND SCRapping Two-Child BENEFIT CAP

Chancellor Rachel Reeves has been urged to consider a new Windfall Tax on Our Biggni Banks As Britain’s Big Four Arees On Track to Rake In Record Profits of £ 48Billion

A Windfall Tax on Britain’s Biggni Banks Could Raise More than £ 11Billion of Much-Needed Money for the Treasury, Analysis Has Revealed.

Chancellor Rachel Reeves is under Pressure to Raise Taxes Again in the Autumn Budget to Tackle a Hole in the Creaking Public Finance. With limited options, one suggestion is to increes levies on banks given they have benefted from high interest rate.

HSBC Became the Last of the So-Called Big Four to Reveal Eye-Watering Half-Eyar Profits. It naked in nearly £ 12billion – OR £ 431 A Second – of Profits Worldwide Despite Falling by A Quarter Year -On -Eyar.

The Haul Follows Increas Profits at Lloyds Banking Group, Natwest and Barclays. The Quarts have Collectively Made £ 24Billion in the Space of Just Six Months, and are on track to hit a record £ 48Billion this year.

Forms Tory Chancellor Jeremy Hunt Cut A Bank Surcharge in His 2022 Autumn Statement, From 8% to 3%. But Think Positive Money is calling for a new surcharge of 38%, in line with Energy Profits Levy on Oil and Gas Companies.

IT CLAIMS DOING SO WOULD BE ExPECTED TO BRING IN £ 11.3Billion from the Big Four Banks This Year, Based on their Results for the First Half of 2025. The Move Could of the Cost of the Welfare U-Turn Two-Child Benefit Cap, the Think Tank Tank. It argued that bouts’ profits have been sturgery boosted by the bank of England paying higher interest rate on the funds held at the Central Bank.

Positive Money Is Proposing The Uk Follows Spain With A Levy Targeting Profits from Banks’ Domestic Retail Banking ARS ARSHOLD OF £ 800MILLION.

SIMON YOEL, Head of Policy and Advocacy at Positive Money, Said: “The public is paying the price ‘record profits. Recouping the Bill for Banks’ Expesive Free Lunch Be a No-Beriner, and Can Done in Ways Protector’s Sector International. Banks Should be profitable, there is no Compelling Reason to Allow Banks to ENORMOUS RENTS FROM THE REST OF THE ECONOMY. Should Banks – Taxing Windfalls Makes Sense for Both. ”

Bank Bosses and Other Industry Leaders have warned the Chancellor Against Hitting The Sector, Warning It Could dent their to be and dent the government’s struggle one mission to grown.

Georges elhededey, HSBC Chief Executive, Warned It Risked Its Ability to “Support Our Customers and Ultimately in Delinary Growth for the UK.”

Lloyds’ Chief Executive Charlie Nunn HighLighted the Chancellor’s Recent Mansion House Speech Where She Told of “The Need For A Stronger Economy and Needing A Strong Financial Services”. Mr Nunn Said: “We Therefore Believes That’s the Important Thing to Focus on and Obviously, Thelefore, Woldn’t be consistent with Tax Rises.”

The Tories Introduced a surcharge – or extra amout – of Corporation Tax Banks Paid from 2015. It was originally 8%, on top of the corporation tax at the time. But when the Corporation Tax Rate Rose, the surcharge fell to 5%. At the Same Time, The Profit Threshold on Which Banks Had to Start Paying the surcharge jumped from £ 25million to £ 100million.

The Office for Budget Responsibility Says the surcharge raisised £ 1.5Billion for the treasury in 2023/24, and forecast it would be another £ 7billion over the rest of this parliament.

Positive Money is not calling for the 3% surcharge to be increas, but Rather for a new levy of 38% on the profits of the Bans’ Retail Arms. T Wold Be Applied to their Net Interest InCome – The Difference BetWene What Banks Make from Borrowers and Pay Depositors – Above £ 800million.

Trade Body Uk Finance Says the UK Banking Sector Paid Total Tax of £ 44.8 Billion for the Financial Year to End of March Last Year, up from £ 41Billion the previous years, and the highest started a decade ago. The figure Also Represented 4.7% of Total UK Government Tax Receipts Last Year. Comparing the UK with Abroad, It Says London’s Total Tax Rate of 45.8% is Way Above New York 27.9% and the 38.6% in Frankfurt.