Responding to the Chancellor’s announcement in the Budget that he will be cutting the surcharge tax on bank profits will be cut by 60%, from 8% to 3%, Simon Youel, head of policy & advocacy at Positive Money said:
“At a time when ordinary workers are facing a cost of living crisis, with cuts to universal credit, hikes to national insurance, and rising household bills, cutting taxes for bankers is a worrying sign of the government’s priorities.
“The cut to the bank surcharge will mean the government losing out on more than a billion pounds in tax revenue in a typical year – enough to ensure free school meals are provided all year round several times over.
“While so many households and small businesses are still struggling, banks have been posting hugely increased profits on last year. If the government is serious about ‘levelling up’ and ‘building back better’, it should be making those with the broadest shoulders bear the heaviest burdens, and ensuring banks play their part in supporting a fairer and greener recovery.”
And credit where its due Rachel Reeves he hit it hard from the outset:
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