Green Party proposes 38% windfall tax on bank profits above £800m

The Green Party of England and Wales has proposed a 38% windfall tax on UK bank profits above £800m, projected to raise at least £19bn a year. Leader Zack Polanski said the revenue would double the Employment Allowance, cutting National Insurance bills by up to £10,500 for around a million small businesses. UK Finance noted banks already pay a corporation tax surcharge and the bank levy. The proposal has no government backing; corporation tax is reserved to Westminster.