It's crunch time for this government John. With Reeves’ last minute u-turn on the welfare bill, even she’s admitting that she can’t rule out tax rises in the Autumn Budget. [1] Well - we’ve got the perfect one.

A windfall tax on big bank profits could bring in nearly £15 billion - enough to pay for scrapping the two-child benefit cap more than *four times over*. But the banks actually got tax *cuts* under the last government, while they continued to rake in billions. [2]  It’s a no-brainer to reverse these, but we need the funds to make it happen.

Momentum for a bank tax is growing, not only thanks to thousands of people signing this petition, but also the high profile figures that have put their names behind it too. Increasing the tax on bank profits was on Deputy Prime Minister Angela Rayner’s leaked list of proposals to stop spending cuts earlier this year, and former Prime Minister and Chancellor Gordon Brown has raised it in several interviews (and cited our bank profit figures too!). [3]

We know we can win, because we’ve pushed back against Big Finance before. Just yesterday, Reeves hit pause on her Cash ISAs plans thanks to “backlash” [4] This is people power in action John, and we can do it again.

While tax rises are all over the news and the government is listening to us, we have to seize this moment - but we need funds to do it.  We’ve got big plans to grab headlines in August - a stunt outside the Bank of England showing Reeves and Starmer in bed with the big banks. With your help, we can bring our vision to life. 

Picture the scene: it’s Thursday 7th August - interest rate day at the Bank of England. With journalists camped outside to hear the news, we’ll be there: literally lying in wait, with Reeves and Starmer “in bed” with the big banks.

Why? Because, the cosy relationship between Big Finance and the government is *the* major roadblock to a tax on banks. [5] So, we’re going to expose it with our stunt  - but it’s only going to be possible with your help.

If this stunt makes a big enough splash the press won’t be able to ignore it. Your donation would help pay for:

📸 an accredited professional photographer, to get photos onto the newswires and straight into the hands of journalists and editors

🎭 masks and outfits, to bring Starmer and Reeves to life

🛏️ a giant bed and bedsheets printed with bank notes that Reeves, Starmer, and the banks have been cosy in for far too long

💷 a giant cheque, to show exactly how much this tax could generate.

If just 1 in every 10 people reading this email gave even £1, we’d smash our fundraising target by midnight.

Please John, will you hit the button below to chip in now?

The big banks might have deep pockets, but we have something stronger; a people-powered movement. Together, let’s make sure: if there’s talk about taxes, banks are at the front of the queue.

Thank you,

Kate,

Campaigns Assistant, Positive Money

P.S. And if you haven’t yet, join the 11, 546 people (and counting!) who’ve signed the petition to #TaxTheBanks too!

Notes:

[1] The Guardian: Rachel Reeves says she cannot rule out autumn tax rises after ‘damaging’ week

[2] Positive Money: Windfall tax on bank profits could raise £15bn

The Independent: Two-child benefit cap: How much is it worth and what will families get if Labour scrap it?

The Canary: Sunak’s bankers’ tax breaks costing the rest of us nearly £2bn in lost public money each year

[3] The Telegraph: Angela Rayner demands tax raid on savers

The Guardian: By delaying its child poverty plan, Labour has a chance to reverse 15 years of inequality

The Office of Gordon and Sarah Brown: Gordon Brown publishes new plan to tackle child poverty in Britain

[4] BBC News: Plans for cash Isa changes on hold after backlash

Positive Money & 38 Degrees petition: Protect Cash ISAs

[5]  Open Democracy: Finance firms gave Labour £2m in two years before banker bonuses U-turn

Positive Money: Finance sector scores two-fifths of Treasury meetings

Positive Money relies on donations from generous individuals like you to carry out our work to redesign our economic system for social justice and a liveable planet.
Please will you make a secure donation now so together we can win sooner?

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