Rachel Reeves has refused to rule out tax rises in her Budget John, but it looks like one group is going to escape (again): the big banks. [1]

"The City had feared Reeves would use her Budget to increase bank taxes to capture high profits in the sector", now they could be spared, the Financial Times reported last week ...despite the very same article quoting one senior banker saying; "We're awash with money". [2]

With two weeks left until the Autumn Budget, we need to do everything we can to drown out the big bank lobbyists. No final decisions have been made yet, which means there's still a chance Rachel Reeves could #TaxTheBanks on the 26th November - if enough of us speak out to demand a budget that puts people before profit.

Barclays, Lloyds, NatWest, and HSBC have raked in £35 billion in profit so far this year. A windfall tax could bring in over £14 billion to help lift 350,000 children out of poverty, keep libraries running, and stop care homes from closing. [3]

Just last month, the Chancellor said "those with the broadest shoulders should pay their fair share", so there's no better place to start than Britain's biggest banks.

In 12 days, we'll be delivering this petition right to the Chancellor's door at Number 11 Downing Street. Please John, join more than 50,000 people across the UK and add your name now, it only takes 90 seconds.

A tax on banks wouldn’t break the promises Labour made not to hike income tax, VAT, or National Insurance when they entered government last year, and would help prove they aren’t in the pocket of big donors and City lobbyists.

Unlike the big banks, we don't have deep pockets. We can't afford an army of lobbyists, fancy drinks receptions, or free staff to help woo Rachel Reeves. [4] To get the ear of the Chancellor we need something stronger and something louder: people power.

Every extra name is an extra chance to change her mind and it's crunch time John, please will you add yours to #TaxTheBanks today? 

Thanks for all your support,

Hannah

Hannah Dewhirst

Head of Campaigns, Positive Money

Notes:

[1] BBC News: Reeves refuses to rule out tax rises in Budget as she says she will make 'necessary choices'

     City AM: Banks set to escape tax raid from Rachel Reeves after lobbying

[2] Financial Times: Rachel Reeves set to spare UK banks from Budget tax raid

[3] Positive Money: While “CEOs party” outside Parliament, it’s time to #TaxTheBanks

[4] Democracy for Sale: Labour's lobbyist friends

     Tribune: Labour Party Conference: A Haven for Lobbyists

     Morning Star: Lobbyist working with Rachel Reeves employed by firm representing Shein

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