UK Bank Profits Hit £200bn Over Five Years
Finance ministers face pressure to impose windfall taxes on UK banks, which generated £200 billion in pre-tax profit from late 2019 through October 2024. Opposition groups argue the levy could fund household bill support.
UK Chancellor John Healey is reportedly evaluating a windfall tax on banks and oil firms for the upcoming autumn budget. The Trades Union Congress (TUC) and Positive Money are advocating for this measure to assist households facing rising costs. UK lenders including HSBC, NatWest, Barclays, and Lloyds Banking Group earned £200 billion in pre-tax profits over the last five years. Critics note these earnings result from high interest rates and inflated mortgages rather than improved customer service. TUC General Secretary Paul Nowak stated that banks sit back to collect funds while energy bills approach record highs this winter. Healey's proposed legislation would require lenders to pay more tax to help finance government support, potentially echoing similar policies seen in mainland Europe.
