Tory tax breaks for banks cost UK public purse £6bn, TUC claims ahead of budget
According to the Trades Union Congress (TUC), tax cuts implemented for major banks under former chancellor Jeremy Hunt in 2023 have deprived the UK public purse of six billion pounds in lost revenues. The TUC is urging Chancellor John Healey to reverse these cuts and increase the bank surcharge during the upcoming budget on October twenty-eighth. While campaign groups support the move to help offset rising living costs, banking lobby representatives warn that further tax increases would weaken the UK's competitiveness and hinder investment.