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Thu, 10 Sep 2026

Thu, 10 Sep 2026 Tax banks to give some households energy bill cut, unions tell Burnham

The TUC says a bank surcharge should be reversed - and estimates it would raise £9bn over four years.
The TUC's General Secretary, Paul Nowak, says this proposal is popular with Labour MPs and would be a step towards helping low and middle earners with their energy bills. However, UK Finance has warned that heavier levies on banks could damage international competitiveness and threaten jobs in finance. Nowak also suggests a windfall tax on social media companies and equalizing Capital Gains Tax rates with income tax to address the issue of a "tax system that's good at taxing income but not good at capturing wealth". In addition, Nowak has asked the government to allow for more borrowing to invest in re-industrialization and housing targets. He believes this would provide flexibility within the existing fiscal rules. The TUC also wants the government to reconsider its immigration policy changes, which would see most migrants wait 10 years instead of five before they can settle permanently. Nowak argues that this change could worsen staff shortages in social care, with 111,000 vacancies currently available. Nowak has expressed support for Labour leader Andy Burnham and warned him that he needs to deliver on his promises if he wants to see off an electoral threat from the populist Right.