Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if he will introduce a windfall tax on banks to account for excess profits in the banking sector generated by the interest rate rise on 22 June 2023.

Banks already face an additional rate of tax on their profits in the form of the Bank Corporation Tax Surcharge – meaning they pay 3% more on their profit than most other businesses. This is in addition to a charge on the largest banks’ balance sheets in the form of the Bank Levy.