"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."
"Naturally British banks fight back. Our sector underpins investment, business growth and home ownership across the country, says their lobby group, UK Finance. It will damage their competitiveness with foreign banks. Nonsense, say the campaigners, they would only tax UK retail profits. Banks' investment in the real economy has been dropping, as they pay growing sums to their shareholders. The crescendo of pre-budget lobbying is louder than usual:"
Protesters wearing bank-CEO masks and displaying champagne and sacks of cash urged a windfall tax on banks' rapidly rising domestic profits. Campaign groups argue inflation has pushed bank takings to record levels without extra effort while increasing household costs. Campaigners cite the 35% energy profits levy introduced in 2022 and demand a comparable levy on banks treated as an essential utility. Banking lobbyists warn of damage to competitiveness and stress the sector's role in investment, growth and home ownership. Campaigners counter that taxation could target only UK retail profits as banks shift payouts toward shareholders while real-economy investment falls. Pre-budget lobbying has intensified, and a separate proposal for a 50% gambling tax has prompted industry warnings of big job losses and outlet closures.
Read at www.theguardian.com
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