Last week, executives from Lloyds banking group were served up Michelin-star meals and a performance from Elton John at the government’s investment summit.

Today they announced £5.1 billion in profit for 2024 so far. [1] 

To prove they’re not in the pocket of big banks, Rachel Reeves should #TaxTheBanks in her budget next week. Watch + share the campaign video now.

And it’s not just Lloyds. All the banks have raked extra profit without having to lift a finger for years - thanks to higher interest rates - while the cost of living crisis is far from over for the rest of us. 

Increasing the bank surcharge from 3% to 35% (in line with the Energy Profits Levy on oil and gas companies) would bring in billions to support households that need it the most and help fund the NHS this winter. [2] 

After deciding not to scrap the two-child benefit cap, slashing pensioner’s winter fuel payments, and considering more cuts to sickness benefits, it’s time for this new government to show whose side they’re really on. [3] A windfall tax on banks is the perfect place to start.

Call on the government to prove they aren’t in the pocket of big donors or beholden to corporate lobbyists John, by hitting the button below. It only takes 30 seconds to sign.

Thank you for all your support,

Hannah, Positive Money

Notes:

[1] The Guardian: Elton John and Michelin meals: Labour pulls out all the stops to woo investors 

Positive Money: Lloyds Bank Q3 profits response

[2] Positive Money: Taxing banks’ record profits could raise £14bn for public services

[3] Independent: Rachel Reeves to push forward with £3bn sickness benefits cut in Budget

Positive Money relies on donations from generous individuals like you to carry out our research, education work and campaign for a fairer money and banking system.
Please will you make a secure donation now so together we can win sooner?

FOLLOW US ON SOCIAL MEDIA