Reinstate windfall tax on banks after surge in profits, TUC urges

The Trades Union Congress is urging for a windfall tax on UK banks to be reinstated from 3% to 8% after the big four lenders reported £14bn in first-quarter profits. The tax was previously reduced by the Conservative government in 2023. The call comes as banks benefit from high interest rates partly fueled by market turbulence caused by the Iran war.