The TUC says reversing the Conservatives' cut to the bank surcharge would raise £9bn over four years, or £2.25bn a year. The figure comes from a Mirror exclusive relayed by Brit Brief. The union wants John Healey to use the money to cut household energy bills in Wednesday's Budget.
The TUC's costing is a little higher than the £2bn a year the Guardian reported for restoring the surcharge from 3% to 8%. The TUC's own two figures are consistent, since £9bn over four years is £2.25bn a year. The estimate itself has not been independently checked.
The TUC also says the big four bank chief executives averaged £8.9m in pay last year. It says the big four banks have made £200bn in profit since 2021. These are the union's figures and are unchecked.
Paul Nowak, TUC general secretary, said:
"There is a mountain of evidence which shows banks can afford to pay more. While pay for those at the top of Britain's banks spirals, the rest of the country is struggling to get by."
"That's why taxing banks' enormous profits to cut energy bills is a no brainer."
Brit Brief reports that Barclays chief executive C. S. Venkatakrishnan said last week a tax hike was 'bearable'. It also says it is believed Healey will resist too drastic a rise for fear of hurting lending.
The Treasury has not confirmed the measure.