Did you spot Positive Money in the Mirror newspaper today, John? They covered our latest calculation that a windfall tax on bank profits could bring in more than *£11 billion*.

That’s enough to cover the cost of the recent welfare U-turn AND reverse the two-child benefit cap. [1] We’ve hit the headlines, now we need to keep momentum building for Chancellor Rachel Reeves to #TaxTheBanks in her Autumn Budget instead of slashing public services. 

The big four UK banks - Barclays, HSBC, Lloyds, and NatWest - made record profits in 2024 and they’re on track to beat that this year - making £24 billion in the first six months of 2025. They’re cashing in on years of higher interest rates set by the Bank of England and raking in billions without lifting a finger. [2]

The big banks are (unsurprisingly) against a windfall tax. The CEOs of Lloyds, NatWest, Barclays, and HSBC have all jumped in front of the press to scaremonger about tax rises and plead with Rachel Reeves to leave them alone. [3]

The very fact these CEOs are warning against a bank tax in the media shows they’re scared it’s going to happen: it’s a sign our pressure is working. Now we’ve got to get even louder.

Please John, join over 11,000 others and sign the petition now - it only takes 30 seconds

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

We’ve got plans to hit the headlines again next week, with an action outside the Bank of England - so keep an eye out for photos and hopefully more press coverage about this next Thursday.

Thank you,

Kate, Positive Money

P.S. If you can, will you chip in to help fund our #TaxTheBanks action plans next week?

Notes:

[1] The Mirror: Bank tax could cover cost of welfare U-turn AND scrapping two-child benefit cap

[2]  Positive Money: How the government could reclaim the huge payouts to banks

[3] Financial Times: Lloyds Bank chief warns Rachel Reeves against higher taxes on City of London

Independent: Barclays joins rival in cautioning against hiking bank taxes

The Guardian: HSBC boss says Rachel Reeves putting up bank taxes would harm growth

This is Money: NatWest boss urges Reeves to abandon City tax raid

[4] 38 Degrees: Protect Cash ISAs
The Express: Petition against Rachel Reeves’ ‘unfair’ ISA ramps up as target edges closer

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?

FOLLOW US ON SOCIAL MEDIA