Bank tax in the Budget: Positive Money response

Sara Hall, Co-Executive Director of Positive Money, said:

“After almost four years of campaigning for higher taxes on the obscene profits banks are making from interest rate hikes, we’re pleased the Chancellor has set himself apart from his predecessors by addressing this issue.

“But today’s tax rise doesn’t go nearly far enough towards reclaiming the huge public transfers to banks, and it should absolutely be extended beyond the current 15-month window at a much higher rate for as long as bank profits remain excessive.

“Given the scale of cost of living support and public investment that Britain needs, Healey can’t afford to leave billions on the table - especially with a difficult financial situation approaching in the spring.” 

Notes to editors:

• For more information or to speak to a spokesperson, please contact Chloe Musto at press@positivemoney.org.uk 

ENDS