This morning John, we staged our latest action to #TaxTheBanks, and we grabbed coverage in the i paper and The Guardian’s live feed. [1]

A windfall tax on big bank profits could bring in more than £11 billion - but it seems Rachel Reeves and Keir Starmer are too comfortable cosying up in bed with the big banks.

So shoulder-to-shoulder (literally!) with campaigners from The Equality Trust, Tax Justice UK, Green New Deal Rising, Make Them Pay, and War on Want, we came together to call on this Labour government to get out of bed with the banks and tax their windfall profits instead. [2]

We headed to the Bank of England, ahead of this afternoon's interest rate decision, because it’s years of higher rates that have caused our rent, mortgage, and debt payments to rise, while bank profits have soared without them having to lift a finger. 

The big four banks - Barclays, Lloyds, Natwest, and HSBC - raked in record-breaking profits last year and they’re on track to beat it this year too, having made £24.1 billion in just the first six months of 2025 so far. [3]

A 38% levy, in line with the Energy Profits levy on oil and gas companies who also profited from the cost of living crisis, would bring in £11.3 billion - enough to cover the welfare U-turn and scrap the two-child benefit cap. As interest rates start to come down, this window of opportunity is closing, so we need the Chancellor to act fast.

Momentum is building, John. Increasing tax on bank profits was on a secret list of proposals from Deputy Prime Minister Angela Rayner’s earlier this year, ex-Prime Minister and Chancellor Gordon Brown raised it in several interviews over the spring and last week we landed a full-page splash in The Mirror newspaper. [4] 

We need to keep the pressure up on Rachel Reeves over the summer and through September so, when she announces her next Autumn Budget, it includes this windfall tax. And the more people who sign, the louder our voices will be. 

A huge thanks to our photographer Milo Chandler for capturing these awesome shots, all the campaigners who joined this morning, and the hundreds of supporters who chipped in to make this stunt a reality. 

The big banks might have deep pockets but we have something even stronger, a people-powered movement - thank you so much for being part of it. 

All the best,

Hannah,

Hannah Dewhirst

Head of Campaigns, Positive Money

Notes:

[1] The i: 'Our future’s held hostage': The change Bank of England protesters want to see

     The Guardian: Campaigners protest outside Bank of England call for bank windfall tax

[2] Positive Money: In bed with the banks: #TaxTheBanks action

[3] Positive Money: Windfall tax on banks could raise £11 billion

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

     ITV News: Gordon Brown says the government can raise billions of pounds from banks

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

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

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