Commenting on the Budget today (Wednesday), TUC General Secretary
Paul Nowak said:
"As Trump's illegal war in Iran continues to cause havoc with the
global economy and drive up costs, the Prime Minister and
Chancellor have started to give families and firms much-needed
breathing space.
"The TUC has long called for banks to pay their fair share. At a
time when millions are struggling to get by, taxing banks' bumper
profits to cut energy bills is plain common sense. The chancellor
has made a good start by doubling the bank surcharge next he
should be prepared to extend it and raise it if profits remain
sky high.
"It's right that the government is boosting investment in some
industries through the National Wealth Fund, but ministers should
have beefed up support for manufacturers struggling with
crippling energy costs.
"Strong public services are the bedrock of a strong economy. To
repair the damage of fourteen years of Tory austerity, the
government is right to recognise the need for investment right
across our public services. But any cuts to departmental capital
budgets will be met with real concern.
"Ahead of the Spending Review, it is vital the government engages
with public sector unions to map out a way to rebuild public
services and support the people delivering them."
ENDS
Notes to editors:
- The TUC first called for an increase in the bank
surcharge in 2023: https://www.tuc.org.uk/news/tuc-public-purse-losing-least-ps29-million-week-result-huge-tax-break-banks
