Calls for UK bank tax to fund cost of living help as HSBC profits hit £7.5bn

Campaigners have renewed calls for a windfall tax on UK banks that could raise £19bn towards Andy Burnham’s cost of living agenda, after HSBC raked in $10.1bn (£7.5bn) worth of profits in the second quarter of the year. “Previous governments have allowed the powerful banking lobby to persuade them against taxing these record-breaking profits in recent years, despite overwhelming public support for the policy,” said the co-director of Positive Money, Sara Hall. Joanne O’Neill, the co-director of advocacy and influencing at ActionAid UK, said the government should also take “meaningful action” to hold UK banks to account for their impact on the climate and human rights. Metro Bank followed its big four competitors in reporting bumper profits for the first half of the year. While the strong rise in profits will add weight to calls for a UK windfall tax, Metro would probably escape Positive Money’s proposals.