#windfall-tax

#windfall-tax

Positive Money, Tax Justice UK, the Fairness Foundation, Equality Trust and others are campaigning for a windfall tax on banks' accelerating domestic profits. Inflation has yet again raised their takings to record heights for no extra effort, the same inflation that also raises the cost of living. When oil and gas prices soared in 2022, the Tory government set a 35% energy profits levy.

She said about 7bn a year could be extracted by the end of the decade by taxing what she described as unexpected profits the banks had made as a result of high interest rates. Speaking at the party's autumn conference in Bournemouth, she announced the Lib Dems wanted to create a new Energy Security Bank to offer loans of up to 20,000 for households.

Transitioning to a renewable energy economy is one of the greatest opportunities the UK has to create secure, well-paid jobs for energy workers and build a fairer future.