Protesters call on Rachel Reeves to raise bank taxes in Autumn Budget

London, 28 October - Protesters gathered outside Westminster this morning to urge Chancellor Rachel Reeves to raise taxes on banks’ windfall profits at the upcoming Autumn Budget on 26th November. 

The organisers argued that the rationale for a windfall tax on banks was the same as that for a windfall tax on energy companies, as their bumper profits are also unearned. Bank profits have risen due to the Bank of England’s interest rate hikes between 2021 and 2023, just as energy company profits rose due to Russia’s invasion of Ukraine pushing up global gas prices.

The protest coincides with HSBC announcing profits of £17.3bn for the first three quarters of 2025 this morning which, combined with the £7.3bn, £4.7bn and £5.8bn profits that Barclays, Lloyds and Natwest reported respectively last week, takes the total profits of Britain’s ‘Big Four’ to £35.1bn in 2025 so far. 

Despite headlines of banks’ total profits sliding, banks’ domestic retail net interest income - the amount they make from the UK public - continues to swell. 

Positive Money estimates that replicating Spain’s windfall tax on banks’ net income, at a rate of 38% (in line with the amount charged under the Energy Profits Levy), could raise £14bn from just the ‘Big Four’s’ UK retail banking net income above a threshold of £800m in 2025. This tax has been specifically designed to target the profits from banks’ UK retail operations, to address claims from bank CEOs and lobbyists that a windfall tax would harm the British banking sector’s international competitiveness.

As part of the protest, campaigners donning masks of the CEOs of Britain’s four biggest banks - HSBC, Barclays, NatWest and Lloyds - wore party hats and pulled party poppers amidst bottles of inflatable champagne, satirising these banks as they finished announcing their latest profits. Other demonstrators surrounded them, holding placards urging the Chancellor to place a windfall tax on banks’ record profits in the Autumn Budget.

Positive Money were joined by protesters from campaign groups Tax Justice UK, Fairness Foundation, Equality Trust and War on Want. 

Hannah Dewhirst, head of campaigns at Positive Money, which organised the demonstration, said: 

“The Chancellor just told us that those with the broadest shoulders should pay their fair share of tax. Who has broader shoulders than the banks, which are reaping record profits without lifting a finger?

“Their record profits are being made directly at the public’s expense, just as the profits of energy companies were back in 2022. If energy companies weren’t allowed to bleed households dry, nor should the banks. 

“This government supported a windfall tax on energy companies and opposed tax cuts for banks when it was in opposition. Now that it’s in power, Labour must resist the lobbying efforts of banks and tax their windfalls in the Autumn Budget.”

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

“One third of all children in the UK are living in poverty whilst big banks profiteer at the expense of the public.

“The upcoming Budget must raise living standards, not the champagne glasses of the banker bosses.

“A windfall tax on the retail operations of the big banks could raise billions to invest in communities across the country, without harming the banks' competitiveness. This is a no-brainer."

Nuri Syed Corser, Senior Economic Justice Campaigner at War on Want, said:

“Our economic system is rigged: working people are struggling to get by and public services are crumbling, while banks, billionaires and the super-rich are dodging taxes and raking in cash - while fuelling the climate crisis with their hyper-polluting investments.

“Enough is enough. It’s time for the government to tax banks and billionaires and work with other countries around the world to fix our broken tax system through the UN Tax Convention.”

Notes:

• A folder with all the photos from the protest can be accessed here: https://drive.google.com/drive/folders/174URcZAAyZueWLrSSAsTHPvgmG4pWNkO?usp=drive_link 

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

• The windfall tax figures have been derived from Positive Money’s estimates of 2025 net income from the UK retail banking operations of Barclays, Lloyds, NatWest and HSBC, based on their results for the first three quarters of the year.

• This month the Chancellor said those with the broadest shoulders should pay their fair share of tax: https://www.theguardian.com/politics/2025/oct/16/rachel-reeves-says-those-broadest-shoulders-should-pay-fair-share-tax 

• Banks have long-been lobbying against a windfall tax on their profits by claiming this would harm their international competitiveness: https://news.sky.com/story/banks-step-up-lobbying-over-threat-of-reeves-tax-hikes-13450068 

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