Greens Seek 38% Windfall Tax on Big Banks

The Green Party of England and Wales is proposing a 38% windfall tax on big banks' profits to support small businesses. The tax would be applied to UK profits exceeding £800m, with the revenue used to reduce National Insurance bills for over a million smaller companies.

According to Positive Money, this measure could raise £19bn annually. Leader Zack Polanski claims it will provide a 'lifeline' for small and medium-sized enterprises (SMEs), enabling them to employ more people and contribute to their communities.

The Green Party argues that big banks are profiteering from high interest rates set by the Bank of England, while ordinary people struggle. In contrast, Labour is already implementing measures to support small businesses, including cutting business rates for nearly 32,000 companies and devolving power to local authorities.