Tory tax break for banks has cost UK public purse £6bn, says TUC

Campaigners argue that tax relief granted to major banks under recent government policy has cost the UK billions in lost revenue, urging the current chancellor to reverse those cuts and restore higher contributions from lenders. The Trades Union Congress, representing millions of workers, claims the public finances have suffered significantly due to the 2023 tax reductions introduced by the previous Conservative-led administration. With calls growing for a budget adjustment, the debate centers on whether financial institutions should be required to pay a greater share of taxes. The full analysis highlights how the policy shift has impacted government income and what it could mean for future fiscal strategy.

Exclusive: Chancellor urged to reverse Rishi Sunak’s tax surcharge cuts to claw back billions in lost revenueBusiness live – latest updatesTax cuts for big banks have deprived the UK government of £6bn in revenues, according to campaigners, who are calling on the chancellor, John Healey, to increase taxes and force lenders to pay their “fair share” in the budget.Calculations by the Trades Union Congress (TUC), which represents unions with more than 5.3 million members across England and Wales, shows that the public purse is billions of pounds worse off as a result of tax cuts introduced under the Tory chancellor Rishi Sunak in 2023. Continue reading...