TUC welcomes "common sense" bank tax and urges "relentless focus" on living standards

Commenting on the Budget today (Wednesday), TUC General Secretary Paul Nowak said: 

"As Trump's illegal war in Iran continues to cause havoc with the global economy and drive up costs, the Prime Minister and Chancellor have started to give families and firms much-needed breathing space.

"The TUC has long called for banks to pay their fair share. At a time when millions are struggling to get by, taxing banks' bumper profits to cut energy bills is plain common sense. The chancellor has made a good start by doubling the bank surcharge – next he should be prepared to extend it and raise it if profits remain sky high.

"It's right that the government is boosting investment in some industries through the National Wealth Fund, but ministers should have beefed up support for manufacturers struggling with crippling energy costs.

"Strong public services are the bedrock of a strong economy. To repair the damage of fourteen years of Tory austerity, the government is right to recognise the need for investment right across our public services. But any cuts to departmental capital budgets will be met with real concern.

"Ahead of the Spending Review, it is vital the government engages with public sector unions to map out a way to rebuild public services and support the people delivering them."

ENDS

Notes to editors:

- The TUC first called for an increase in the bank surcharge in 2023: https://www.tuc.org.uk/news/tuc-public-purse-losing-least-ps29-million-week-result-huge-tax-break-banks 

- 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.