Lloyds Bank Q3 profits: Positive Money response

Simon Youel, Head of Policy and Advocacy at Positive Money, said: 

“Lloyds’ profits show the lender is still benefiting generously from higher interest rates, for which the public has paid the price. 

“A windfall tax on banks’ unearned profits from higher rates could raise billions of pounds while meeting the Prime Minister’s promise that those with the broadest shoulders will bear the heaviest burden.”

“At the very least, this government could show it’s serious about change by reversing the tax cuts which banks received under the previous government.”

Notes:

• Today’s announcement from Lloyds can be found here: https://www.lloydsbankinggroup.com/investors.html 

• Positive Money estimates that a windfall tax on the 2023 profits of Britain’s biggest four banks could have raised anything from £3.5 to £14 billion (£3.5bn by reversing the last government’s cuts to the bank surcharge and bank levy, £14 billion with a 35% windfall tax like the one on oil and gas companies):  https://positivemoney.org/update/laughing-all-the-way-to-the-bank-bank-profits-soar-while-taxes-stay-low/ 

• Calls for a windfall tax on banks have been echoed by MPs, including Angela Eagle, John McDonnell, Clive Lewis, Diane Abbott and Richard Burgon

• Polling commissioned by Positive Money in September 2023 found the majority of the public supports a windfall tax on banks: https://positivemoney.org/2023/09/uk-public-support-windfall-tax-on-banks-polling-shows/ 

About:

Positive Money is an international research and campaign organisation working to redesign our economic system for social justice and a liveable planet. 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 supporters. Find out more: positivemoney.org