This tiny little tax they pay…” On Novara Live, economist James Meadway says Labour ought to have taxed banks far more aggressively in this week’s budget. Higher interest rates mean banks are “automatically” making far more money – contributing to enormous profits – while people struggle with their mortgage payments, he adds. Chancellor John Healey raised the tax surcharge on banks from 3% to 6% for 15 months, disappointing observers who wanted it to return at least to the 8% it was before the Tories cut it in 2023.

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