Hi John,

Yesterday, the heads of HSBC, Natwest, Barclays and Lloyds were quizzed by the Financial Conduct Authority, on why they aren’t passing their excess profits onto savers. [1] And Labour MP Angela Eagle was asked on Sky and BBC News whether she supports a windfall tax on banks’ profits. [2]

Positive Money supporters have been pushing Chancellor Jeremy Hunt to bring in a windfall tax for the last few months. Because we think it’s a scandal that bankers are getting away with hiking up millions of people’s mortgages and making themselves billions of pounds of profits. [3]

John, it’s promising to see the idea’s gaining political momentum. So please will you help show there’s huge public support for it while the issue’s hot? Add your name to the petition now and together we could reach 10,000 signatures by the weekend…

More and more politicians are rounding on bankers’ greed and some have been calling for rules to make them pay their fair share. A few weeks ago, ex-shadow Chancellor John McDonnell echoed our calls for a tax on the banks in the Guardian. [4] And Richard Burgon MP raised it directly with Jeremy Hunt in the House of Commons. [5]

And last week, economists at the International Monetary Fund (IMF) finally admitted it’s corporate greed that’s driving up living costs. [6] Trade unions have been warning us about the impact mass profiteering has on the cost of living for months. Unite’s analysis shows that the big four banks have made an extra £7 billion from interest rate rises. [7]

It’s not fair that Jeremy Hunt is letting ordinary people pay the price of a broken economy at the hands of greedy bankers and out of touch economists. We need a system that works for people, not a handful of bankers.

John, some politicians are already joining us and sounding the alarm, but it’s up to all of us to work together to get Jeremy Hunt to take it more seriously. Please will you help us build the pressure on our politicians to tax the banks now?

Thanks so much for your support,

Nicole, Rachel, and the entire Positive Money team

Notes:

[1] NatWest, Lloyds, Barclays and HSBC to be questioned over savings rates - BBC News

[2] On the BBC yesterday, Angela Eagle said she thought there should only be a windfall tax on banks if they don’t pass on savings rates to their customers - but we think there should be a tax regardless. The banks have been raking in record profits in the last year, and they had their surcharge cut from 8 to 3%. 

Watch the clip of Angela Eagle on the BBC here.

[3] Bank Rates: Failure of banks to raise savings rates 'ridiculous and unsustainable' - Labour MP - Sky News

[4] There’s only one way to tackle Britain’s mortgage meltdown – get the banks to cough up - The Guardian

[5] Jeremy Hunt dismisses a windfall tax on banks - Positive Money on Twitter

[6] ‘Greedflation’: IMF puts blame for rise in prices on corporate greed - Market Watch

[7] Unite analysis shows big 4 banks made an extra £7 billion from interest rate rises - Unite

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