Hunt missed opportunity for windfall tax on bank profits

London, Wednesday 15th March 2023

Responding to the Chancellor’s Spring Budget, Fran Boait, executive director at Positive Money, commented: 

“This Budget marks another missed opportunity to redistribute the burden of higher costs onto those with the broadest shoulders. Rather than properly taxing windfall profits, the Chancellor has chosen to continue saddling workers with suppressed wages and inadequate funding for vital services. 

“The solution is unmissable at this point – even Thatcher taxed the banks when they thrived whilst the rest of the economy waded through a recession. That’s just one way we can pay for the support people really need this year.”

Notes 

• The Spring Budget announcement can be found here: https://www.gov.uk/government/topical-events/spring-budget-2023 

• Positive Money’s petition calling for a tax on banks’ windfall profits can be found here: https://actionnetwork.org/petitions/tell-hunt-to-tax-the-banks/

• Banks are set to reap huge excess profits, driven by the Bank of England paying higher interest rates to the tune of tens of billions of pounds a year on risk-free reserves. For more information on the case for a windfall tax on banks, see: http://positivemoney.org/wp-content/uploads/Bank-windfall-tax-briefing-2.pdf 

About 

Positive Money campaigns for a money and banking system which supports a fair, democratic and sustainable economy. Set up in the aftermath of the financial crisis, Positive Money is a not-for-profit company funded by charitable trusts and foundations, as well as small donations from its network of over 65,000 supporters. www.positivemoney.org

For more information or to arrange a briefing/interview with a spokesperson, please contact press@positivemoney.org.uk.

###