This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.
Public purse losing 29m a week as a result of tax breaks for banks TUC
18/11/2023
The Government’s decision to cut the banking surcharge is costing the public purse £29 million a week, unions are claiming.
The TUC said its research estimated that the Treasury will lose at least £1.5 billion a year over the next four years as result of the change introduced by Rishi Sunak when he was chancellor.
The surcharge has been cut from 8% to 3%, allowing banks to make “huge profits” from rising interest rates, said the union organisation.
TUC general secretary Paul Nowak said: “At a time when our schools and hospitals are crumbling, Rishi Sunak has given a huge tax break to banks.
“Banks have enjoyed eye-watering profits over the last year and this tax cut means they have cashed in on soaring interest rates and families’ mortgage misery.
“The Prime Minister’s decision to reduce the surcharge has starved our public finances and our public services of much-needed funds at the worst possible time.”
Published: by Radio NewsHub