Campaigners stage “tug of war” between banks and the public outside Downing Street

London, 20th October - Demonstrators from campaign groups including Positive Money, 38 Degrees, and Tax Justice UK, gathered outside Downing Street today to deliver a petition with 96,817 signatures, which calls on the government to tax banks’ windfall profits in the Budget in eight days.

Before heading inside the gates to deliver the petition, campaigners dressed as the CEOs of the UK’s four biggest banks - Barclays, HSBC, Lloyds and NatWest - engaged in a mock “tug of war” with ordinary members of the public, who held signs encouraging the government to tax banks’ windfall profits. Between them stood someone dressed as the Chancellor, who was struggling to pick a side to support.

The stunt comes a week ahead of Chancellor John Healey’s first Budget, and there is much anticipation as to whether he will tax the record profits banks have made because of higher interest rates. The UK’s four biggest banks have generated £200 billion in pre-tax profits over the past five years, and saw the rate of tax they pay cut by the Conservative government in 2023. 

Over the next two weeks, banks will announce the profits they made in the third quarter of 2026. Based on those they made in the first six months of the year, Positive Money estimates that a windfall tax in line with the one on energy companies (38%) could bring in as much as £19 billion from the profits that the ‘big four’ banks have made directly from the UK public.

Hannah Dewhirst, Head of Campaigns and Communications at Positive Money, said:

“Positive Money has been calling for a windfall tax on soaring bank profits for almost four years now, and the case for one has never been stronger.

“Banks are making obscene profits directly at our expense - profits which they’re using to boost bankers’ bonuses and payouts to shareholders - all while cutting in-person services and branches.

“With living standards slipping and energy bills set to skyrocket again, a windfall tax on banks could be used to fund the kind of support package that allows families to turn on the heating without fear this winter.”

Veronica Hawking, Campaigns Director at 38 Degrees, said:

"Tens of thousands of ordinary people - those who try to save money every month when they can - have signed this petition urging John Healey to tax the banks profiting off our business.

"When he stands at the dispatch box in a few days, the Chancellor has the option to tax these banks' billions and in turn, help people who are genuinely struggling. We urge him to make the bold choice and deliver change now."

Jake Atkinson, Campaign Manager at Tax Justice UK, said:

"Banks have been making a killing at the same time as sky-high bills and the cost of living have pushed millions of people's finances to breaking point. Across the country, people need to see real change that eases immediate pressures on the cash in our pockets, paired with investment that tackles the long-term affordability crisis in housing, utility bills and childcare. 

The Chancellor needs to tax the outrageous profits the banks have been making, alongside taxing extreme wealth in the UK, to start delivering on Andy Burnham's promise to turn Britain around."

Bamboo Zardetto, Campaigner at Organise, said

“Organise members are the people who keep this country running, they are the carers, cleaners, shop workers, nurses, warehouse staff. They’ve watched rent, food and energy bills climb year after year and at the same time the big four banks have made bumper profits from high interest rates and spent them on bonuses and shareholder payouts.

Today Organise members are sending a message to the government that they have had enough. They are bringing their message to Downing Street to say: working people are tired of being told there’s no money. There is money. It’s sitting in the banks’ profits.

Andy Burnham and John Healey face a simple choice in this Budget: ask working people to tighten their belts again, or ask the banks to pay their fair share. A windfall tax on bank profits is the best place to start.”

Conor O’Shea, Campaign Coordinator of Cost of Living Action, said

“The cost of living crisis is the defining political and social issue of our times. At a time when millions of households across the country cannot make ends meet, banks have never had it so good. 

“As part of a cost of living budget, the Chancellor must tax the outrageous profits of the banks to help fund real, lasting solutions to the cost of living crisis.”

Notes to editors:

• Photos can be found in this folder: https://drive.google.com/drive/folders/1lKC3zxyvq4TQ85_O4NqLqCjFXvBYCd-e 

• Positive Money estimates that a windfall tax on bank profits could raise as much as £19 billion from the UK’s four biggest banks: https://positivemoney.org/uk/press-release/windfall-tax-on-colossal-bank-profits-could-raise-pound19bn-in-2026/ 

• The TUC found that banks paid out £25 billion in bonuses in the year to March 2026, and the first quarter of 2026 was the highest for bonuses since the 2008 financial crash: https://www.tuc.org.uk/news/bank-bonuses-hit-ps25-billion-tuc-says-hike-bank-windfall-tax-long-overdue   

Contact:

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

About Positive Money:

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: www.positivemoney.org 

ENDS