Sign the Petition: #TaxTheBanks

Years of higher interest rates have sent our rent, mortgage, and debt payments soaring, while banks have raked in huge profits from their customers and the Treasury (via their reserves at the Bank of England) for doing absolutely nothing.

The big four UK banks (Barclays, HSBC, Lloyds, and NatWest) made a record pre-tax profit of £45.9 billion in 2024 and £45.7bn in 2025 - and they're on track to beat that this year. [1]

Introducing a 38% levy, in line with the Energy Profits Levy on oil and gas companies who also profited from the cost of living crisis, could've brought in over £12 billion. [2]

Banks are (unsurprisingly) against this; the CEOs of Lloyds, Barclays, and HSBC have publicly begged previus Chancellor Rachel Reeves not to - and been rewarded with huge bonuses for successfully lobbying against a windfall tax in last year's Autumn Budget. [3] 

Introducing a windfall tax on banks would clearly signal the kind of change Andy Burnham's new government have promised to deliver and that millions of us desperately want to see, and help to prove that Labour are no longer in the pocket of big donors or beholden to corporate lobbyists from the City.

As the cost of living crisis rages on, a tax on banks is one of the best places to start rather than raiding the accounts of ordinary savers and small businesses.

Add your name now to tell John Healey to #TaxTheBanks.

Notes:

[1] Positive Money: While “CEOs party” outside Parliament, it’s time to #TaxTheBanks
Mirror: Andy Burnham urged to unleash tax raid on banks amid £55billion profit bonanza

[2]  Positive Money: The Chancellor's missing billions: windfall tax on banks could've raised £12.5bn

[3] Financial Times: Lloyds Bank chief warns Rachel Reeves against higher taxes on City of LondonIndependent: Barclays joins rival in cautioning against hiking bank taxesThe Guardian: Bank bosses get huge pay rises in sign top City salaries back to pre-crash highs