Public purse losing 29m a week as a result of tax breaks for banks TUC
The Government’s decision to cut the banking surcharge is costing the public purse £29 million a week, unions are claiming. The TUC said its research estimated that the Treasury will lose at least £1.5 billion a year over the next four years as result of the change introduced by Rishi Sunak when he was chancellor. The surcharge has been cut from 8% to 3%, allowing banks to make “huge profits”