25 November 2025

Over 68,000 people call on Chancellor to tax the banks in Autumn Budget

Labour MPs join petition hand-in to Downing Street

London, 25 November - Labour MPs Richard Burgon and Simon Opher joined campaign groups Positive Money and 38 Degrees as they delivered a petition calling for a windfall tax on bank profits to No.11 Downing Street yesterday.

The petition had 68,749 signatures from people across the country. It highlights the record £45.9bn that the UK’s four biggest banks - HSBC, Barclays, NatWest and Lloyds - made in pre-tax profits in 2024, claiming that they are on track to beat that record in 2025, having already made £35.1bn in the first three quarters of this year.

The campaigners say banks’ windfall profits are coming from higher interest rates paid by the public - both directly through higher mortgage rates and indirectly through the billions of pounds of interest that the Bank of England is paying banks on the risk-free reserve accounts they hold with it. Commercial banks are supposed to pass this money onto savers, but have failed to do so. This cost is borne by the Treasury, because they cover the Bank of England’s losses, and has already cost the Exchequer £85.9bn between the end of 2022 and March this year.

A windfall tax on this year’s bank profits - in line with the 38% charged on energy companies’ windfall profits - could bring in over £14bn, according to analysis from Positive Money. The petition calls this “a much fairer place to start than raiding the accounts of ordinary savers or the pockets of disabled people”, referring to reports that the Chancellor will slash the tax-free threshold on Cash ISAs in the Autumn Budget, and to the government’s failed attempt to cut disability benefits in the summer.

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

“As households across the country prepare for a “difficult” Budget with little relief from the cost of living crisis, banks are reportedly going to escape contributing their fair share.

“Banks have made record profits at the public’s expense - allowing them to keep those unearned billions sends a terrible signal to ordinary people about where the government’s priorities lie.

“The Chancellor must resist the lobbying efforts of banks and claw back billions to repair our crumbling schools and hospitals with a windfall tax on their profits.”

Matthew McGregor, CEO at 38 Degrees, said:

“"The message from 68,749 people to the Chancellor is loud and clear: it’s time to tax the banks.

“As families are struggling with a cost of living crisis, and our NHS is buckling, banks are on track for record profits. These billions are not hard-earned; they are windfall gains at the public’s expense.

“Asking the financial giants to pay their fair share to fix our crumbling public is both simple common sense and basic fairness. Rachel Reeves should listen to the public, not the bank lobbyists, and introduce a windfall tax in this Autumn Budget.”

Dr Simon Opher, Labour MP for Stroud, said:

“This week’s Budget is an opportunity to restore the public services that form the backbone of our society, but are no longer working for ordinary people after years of being cut to the bone.

“Recouping the huge payments that are being made from the public to the banking sector is a fair and common sense way to fund this, and will only strengthen our economy by allowing us to invest more in health, education and communities.

“I urge the Government to listen to the thousands of members of the public who have signed this petition and are calling to make our economy fairer.”

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