"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."
"The bank windfall tax policy was originally proposed by the Institute for Public Policy Research (IPPR), whose research showed big banks have seen billions in excess profits due to high interest rates, as an unintended consequence of the quantitative easing programme. Banking sector profits nearly doubled in recent years, from less than 25bn in 2019, to almost 50bn in 2025, according to the latest forecasts."
A windfall tax on big banks could fund home loans to install solar panels, heat pumps and insulation. The tax could raise about 7bn a year by the end of the decade by targeting unexpected profits banks gained from high interest rates. An Energy Security Bank would offer household loans up to 20,000 and loans up to 50,000 for community energy groups and small businesses. Government capital of 2bn could guarantee loans and unleash up to 10bn of affordable loans, targeting the "missing middle", lowering average energy bills by about 500 a year, and aiming to be self-financing.
Read at www.bbc.com
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