"Getting banks to pay more tax on their profits is plain common sense when they're raking in billions and the rest of the country is struggling to get by, said Paul Nowak, general secretary of the TUC."
"With Donald Trump's war abroad unleashing economic chaos at home, it's only right that banks' bumper profits are taxed fairly and used to shield households and firms from the damaging impacts of the war."
"The sector always expected a gradual increase in the context of a low-rate environment, said Chalmers, as banks have had many years of very low margins and low profitability."
Trade union leaders are calling for an increased windfall tax on the UK's largest banks after they reported nearly £14 billion in first-quarter profits. The Trades Union Congress (TUC) seeks to raise the bank surcharge, which was reduced from 8% to 3% in 2023. The current high interest rate environment has benefited banks, with the Bank of England maintaining rates at 3.75%. The big four banks reported combined profits of £13.8 billion, prompting calls for fair taxation to support struggling households and businesses.
Read at www.theguardian.com
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