This afternoon Jeremy Hunt delivered his Spring Budget to Parliament. Sadly, a windfall tax on banks wasn’t included in it.

This single policy alone could’ve brought in £14 billion from the big banks who’ve raked in billions from soaring interest rates while millions of people struggle with crippling rent, mortgage, and debt payments. [1]

Instead we got tax cuts. Like a cut to capital gains tax on property (in other words a tax cut for property investors) and 2 pence off National Insurance contributions which will increase inequality since the richest fifth of households will gain 12 times more than the poorest. [2]

And it’s all going to come at the cost of more cuts - which most people don’t want. 64% of people want taxes to stay the same or increase rather than see budgets for the NHS, buses, and schools slashed even further. [3]

After 15 years of austerity our hospitals and schools are literally crumbling around us. Now more than ever we need big, bold, long-term investment, not cheap political point scoring and the kind of short-term thinking that got us into this economic mess in the first place.

Positive Money was founded after the global financial crash, when the big banks got bailed out and we got sold out. Wages have flatlined since then and today, despite what this government says, the cost of living crisis is far from over.

The Chancellor could’ve done so much more in his budget today. Thankfully, today isn’t the end.

This petition was just one battle John. One example of our fight to build a better money and banking system against some of the richest and most powerful institutions in our country. In order to win, we’re going to have to keep on out-working, out-smarting, and out-organising them, and that’s a big ask for our small team. But we won’t be stopping anytime soon.

Whether that’s fairer taxes on banks, introducing a truly public digital pound, or financing the green transition, we won’t stop fighting for an economy that puts the wellbeing of people and planet above profit.

Thanks so much for all your support,

Hannah, Positive Money

Notes:

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

[2] New Economics Foundation: National Insurance cut would benefit richest households by 12 times more than poorest

[3] Independent: Blow to Sunak’s budget plan as fewer than 1 in 5 Tory voters want to see tax cuts if it means more public spending cuts

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