Taxation of bank windfall profits

Summary

That this House notes that major banks have made tens of billions of pounds in additional profits as interest rates have increased in recent years; further notes that this has happened while millions of people struggle with higher mortgage payments and rents and a wider cost-of-living crisis; also notes analysis estimating that a tax on bank windfall profits could raise up to £15 billion a year; recognises that the Government rightly applied a windfall tax to the super-profits of oil and gas companies; believes that the same principle should apply to the banks; and further believes that the Government should introduce a tax on bank windfall profits, with the revenues used to support people with the cost-of-living and to invest in public services.

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Timeline

1. 12 October 2026

   Early Day Motion

   That this House notes that major banks have made tens of billions of pounds in additional profits as interest rates have increased in recent years; further notes that this has happened while millions of people struggle with higher mortgage payments and rents and a wider cost-of-living crisis; also notes analysis estimating that a tax on bank windfall profits could raise up to £15 billion a year; recognises that the Government rightly applied a windfall tax to the super-profits of oil and gas companies; believes that the same principle should apply to the banks; and further believes that the Government should introduce a tax on bank windfall profits, with the revenues used to support people with the cost-of-living and to invest in public services.

   Source: Early Day Motion

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Sponsors

• Richard Burgon · Labour · Primary sponsor

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