Calls for UK bank tax to fund cost of living help as HSBC profits hit £7.5bn
📰 source: theguardian_business · 💼 business
campaigners are pushing for a windfall tax on uk banks after hsbc reported £7.5bn ($10.1bn) profits for the second quarter, up 60% year on year. positive money and the tuc say a spain-style levy on revenues above £800m could raise £19bn for andy burnham's cost of living plans — enough to cover vat cuts, bus fare caps and business rate relief more than 13 times over.
hsbc boss georges elhedery is considering higher banker bonuses and a share buy-back restart. the four biggest banks — hsbc, natwest, barclays, lloyds — made £29.2bn in the first half. campaigners note £13.7bn is going to shareholders. positive money's sara hall accused the banking lobby of blocking past taxes. the tuc's paul nowak said banks are 'rolling in it' while households struggle.
metro bank also reported a 38% jump in pre-tax profits to £60.7m, but its £241.5m net interest income would likely keep it below the threshold. actionaid's joanne o'neill called for a 'polluters pay tax' on banks' climate impact.
why it matters: record bank profits renew calls for uk windfall tax, potentially funding cost-of-living measures and reshaping bank sector outlook.
source: theguardian_business
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