HSBC profits: Ministers should reverse tax cut for banks after "insulting" profits

EMBARGO: Immediate Release 

The Liberal Democrats have called on the government to scrap £3bn tax cuts for the big banks after HSBC announced profits worth £16.9bn in the first six months of the year. 

Liberal Democrat Treasury spokesperson Sarah Olney MP said: 

“These profits are frankly insulting whilst big banks hike mortgages but refuse to pass on higher rates to savers. 

“Enough is enough. The government should reverse tax cuts being given to the big banks. That money should instead be given to families at risk losing their homes as a result of spiralling mortgage bills. 

“Ministers have completely failed to protect struggling homeowners from rising interest rates, and instead allowed banks to rake in eye-watering profits at their expense. This shows just how out of touch this Conservative government is.”

ENDS

Notes to Editor:

Jeremy Hunt’s Spring Budget confirmed a cut to the Bank Surcharge from 8% to 3% from 1 April 2023. Combined with the government’s cuts to the Bank Levy that have taken place since 2016, it means banks are being handed a total tax giveaway of £3.2 billion in 2023-24.