Typical big bank CEO takes just 2 days to make what the average worker takes a year to make – TUC

• Average top boss at Britain’s big four banks made £8.9 million last year – 182 times more than the average British worker
• Big four bank profits total £200 billion since 2021 when interest rates started to rise
• TUC says taxing bank windfalls to cut bills is a “no brainer” as households struggle to get by

The TUC has today (Tuesday) renewed its call to tax bank windfall profits to cut energy bills ahead of the Budget, as the union body publishes new analysis which reveals the scale of massive pay packets of top bosses at Britain's big four banks. 

The typical big four bank CEO takes just 2 days to make what an average worker takes a year to make.

In 2025, on average CEOs of Britain's big four banks made £8.9 million. That's 182 more than the average (mean) full-time UK employee. 

These huge pay packets include bumper bonuses. Last year, the City paid out a record £25 billion in bonuses.

These eye-watering salaries aren't consigned to just the top bosses either – Chief Financial Officers (CFOs) at the big four banks on average made £7.5 million last year. 

Tax banks to cut bills

The TUC is calling for the government to increase taxes on banks' windfall profits. This should be used to fund a social tariff that cuts energy bills for the majority of households, the union body says.

• A 16% bank surcharge, which is doubling what it originally was before the Conservatives cut it, would deliver £24bn over four years (£6bn a year).
• A 35% bank surcharge, which would be the same level as the windfall tax the Conservatives imposed on energy companies, would deliver £60bn over four years (£15bn a year).

Even the bare minimum of reversing the Tory cuts and setting it at 8% would raise £9bn over the next four years (£2.25bn a year).

Since 2021 when interest rates started to increase, the big four banks have made £200bn in profit. So far this year, the big four banks are making over a billion a week.

TUC General Secretary Paul Nowak said:  

“There is a mountain of evidence which shows banks can afford to pay more.

"While pay for those at the top of Britain's banks spirals, the rest of the country is struggling to get by.

“Britain’s big four banks have made a massive £200 billion since 2021 when interest rates started increasing – and the City paid out record bonuses last year. 

"These profits come off the back of spiralling bills and mortgage misery for households up and down the country.

“That's why taxing banks' enormous profits to cut energy bills is a no brainer. Banks can well afford it and it's the right thing to do.”