The banks are getting scared, John.

They’re ramping up their lobbying efforts to make sure they get away scot-free from any tax rises in the Autumn budget [1] - and we know they’re always met with a sympathetic ear from the government.

We’ve uncovered the latest Treasury meeting figures from the first quarter of 2024, and guess which industry dominates them? That’s right - finance.

Treasury ministers met 102 times with private finance and its lobbyists - that’s two fifths of all meetings, and more than any other sector [2].

This data might be from the last government, but Labour have a track record of a particularly cosy relationship with the finance sector - just last week Rachel Reeves and Keir Starmer were pictured with the CEO of JP Morgan in Downing Street [3]. 

The banks might be going all guns blazing to get their way - but so are we. We’ve been in the news recently, debunking big finance’s talking points and reminding Labour that a windfall tax on banks could raise nearly £14 billion [4].

Barclays, Natwest, HSBC and Lloyds profits were over £27.3 billion for the first half of 2024 alone [5]. It’s these banks who should take the hit in the budget next month, not pensioners. 

We’ll never stop making the case, John, in the media, online, and to MPs, that we need to #TaxTheBanks - and it’s only through your support that we can do that. 

Because of you, we’re able to shout above the noise of big finance and get our voice heard. 

Thank you so much,

Kate, Positive Money

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