Chancellor John Healey is reportedly considering a windfall tax on banks and oil companies. This consideration comes two months before Andy Burnham's inaugural autumn budget, scheduled for late October.
The UK's four largest lenders – HSBC, NatWest, Barclays, and Lloyds Banking Group – have collectively generated £200bn in pre-tax profits over the past five years, largely due to rising interest rates.
Campaign groups, including the Trades Union Congress (TUC) and Positive Money, are advocating for a tax increase on these profits. TUC General Secretary Paul Nowak stated that such a tax could help fund support for households facing rising energy bills this winter.