Reinstate windfall tax on banks after surge in profits, TUC urges

The Trades Union Congress urged the UK government to reinstate a windfall tax on banks at 8%, up from the current 3%, after the big four lenders reported £14bn in first-quarter profits. The TUC estimates restoring the higher rate would raise £9bn over four years. Banks have benefited from elevated interest rates, with mortgage costs rising to 5.77% on average.

Summary by Glance · The Guardian Australia – Business