Should the UK introduce a windfall tax on profits earned by banks?
UK banks have reported strong profits in 2026, with the big four posting over £29bn in the first half alone amid higher interest rates. Campaign groups like the TUC and Positive Money are urging a rise in the bank surcharge or a new windfall tax, modelled on the energy profits levy, potentially raising billions. The government under Prime Minister Andy Burnham faces pressure to use any extra revenue to ease cost-of-living pressures including household energy bills ahead of the autumn Budget.
8 Opinions
Maybe force contributions to a bailout fund to be used only on UK banks, but please no more taxes anywhere. Sort out the sh*t show that is government spending first at least
Yes it's a good idea. Only problem I can see is taking part of the excess profits means there's less money to improve things with. There's probably more problems others can see. As a one of thing it's a good idea. The constant complaining about tax rises is missing the point. Taxes like, council tax, income tax, fuel tax, etc, pay for things we need, the less we pay, the less we get. Not hard to understand.
No more taxes. Cut expenses. Banking system needs to be revamp, but it is a different story.
The focus should be reducing spending and the size of the state, not increasing taxes.
Profitable businesses are a good thing, more tax revenue, more employment, more economic activity, and a return for the pension funds that funded it. We have a cost of living crisis because we have zero economic growth due to mental economic policies, and no wage growth because of it. A windfall tax further suppresses economic growth, making the problem worse, whilst only providing the government with more cash to piss away on vanity projects. It doesn’t fix your weekly shop.
We need to focus on cutting government spending, especially on welfare. Constantly finding new ways to raise taxes is only going to crowd out private sector activity, including lending and investment through the banking system. Ultimately it will undermine growth and competitiveness, and could spook markets.
Not just banks. A windfall tax indicates unexpected profits, or unduly high profits. When we're supposedly in a cost of living crisis, with high food, energy and fuel prices, and the fuel giants, supermarkets and energy companies are seeing ever increasing profits, prices are going up beyond what is necessary. They are profiteering from the situation while the average person on the street is seeing the value of their pay decrease.
Close all tax loopholes for corporations.