This week, NatWest, Barclays, HSBC, and Lloyds reported over £44 billion in pre-tax profits for 2023, raking in four times more than they did in 2020. [1] 

Banks didn’t make these profits by providing better customer service John - they are unearned windfall profits from higher interest rates. 

While millions of us suffer from soaring rent, mortgage and debt payments, banks are profiteering from poverty. A windfall tax could help claw billions back.

We’ve calculated that a windfall tax on banks could bring in £14 billion to help fund crumbling schools and hospitals, and support people suffering most from the cost of living crisis. [2] 

On 6th March, Chancellor Jeremy Hunt will present his Spring Budget to Parliament. It’s likely to be his last one before a general election John, which means it’s our last chance to win a tax on banks from this government, and claw back these profits before they divvy them out to shareholders.  

Please John, add your name to demand Jeremy Hunt #TaxTheBanks in his Spring Budget before it’s too late.

Thanks so much,

Hannah, Positive Money

Notes:

[1] National World: Exclusive: windfall tax could raise up to £14 billion from HSBC, Barclays Lloyds, NatWest, campaigners say

[2] Positive Money: Laughing all the way to the bank: bank profits soar while taxes stay low

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