Inflation: Tax on banks would help shield households from pain of energy price hikes, says TUC
Commenting on inflation figures showing CPI up to 3.1 per cent in August, TUC General Secretary Paul Nowak said:
"Households are still feeling the pain of Trump's illegal war.
"The Prime Minister has rightly been straight out of the blocks with measures to tackle the cost of living.
"But with inflation creeping up because of rising fuel and energy bills – and with a new price cap pushing prices up next month – we need to see more government action to support families through the winter.
"It’s time the banks paid their fair share of tax on their mega profits. The money raised would cut energy bills for the majority of households - and put cash back into workers’ pockets.
"Higher interest rates have meant mortgage misery and bigger bills for the rest of us, but the big banks are raking it in. Taxing bank profits to cut bills is plain common sense.”
ENDS
- RPI inflation in August was 3.4 per cent
TUC calls for social tariff to cut energy bills for two thirds of households as new Price Cap starts https://www.tuc.org.uk/news/tuc-calls-social-tariff-cut-energy-bills-two-thirds-households-new-price-cap-starts
- Big four banks make £29bn in first half of year as TUC calls for increase in tax on bank profits to cut bills https://www.tuc.org.uk/news/big-four-banks-make-ps29bn-first-half-year-tuc-calls-increase-tax-bank-profits-cut-bills
- About the TUC: The Trades Union Congress (TUC) exists to make the working world a better place for everyone. We bring together the 5.3 million working people who make up our 47 member unions. We support unions to grow and thrive, and we stand up for everyone who works for a living.
Contacts:
TUC press office
media@tuc.org.uk
020 7467 1248
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