Marra calls on Healey to hike tax on big banks

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Mr Marra echoed the TUC’s calls for big business to “do their bit” to fund essential public services, before taking a swing at big banks like Barclays, which saw its profits soar by 12 per cent to £2.3 billion yet is still planning to lay off 5,000 workers

He insisted: “Labour governments should make progressive choices on tax.

“Labour has already asked the wealthiest and richest to pay more: taxing private jets, private schools and private equity to raise revenue for public services like our NHS.

“Our financial services sector is strong and internationally competitive, so much so that in the first six months of this year the biggest banks have made around £15bn of profits.

“That didn’t come in efficiency savings, but mortgage rates way outstripping the base rate and savings rates not doing so.”

Urging Mr Healey to consider options including an increase on the 3 per cent rate of corporation tax surcharges currently paid on big banks’ profits, he added: “When people are struggling to afford to turn up the heating, we should ask big business to do their bit — especially when they are seeing windfall profits.

“The banks paying their fair share would be a good place to start to fund measures that give people a bit of breathing space.”

Remaining tight-lipped on the suggestion, a Treasury spokesman said: “As has always been the case, decisions on tax are a matter for the Chancellor to set out at fiscal events, rather than routinely commenting on rumour, speculation or proposals.”

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