I was asked by National World to comment on the profits being posted by banks like Santander and Lloyds amidst the cost of living crisis. Here is what I said:
“Banks’ bumper profits are being funded by public impoverishment. That’s the sign of an economic system that needs to change”.
“Our economy is only as healthy as the members of the public who keep it going. Where is the public benefit of a highly profitable banking sector, if people can’t afford to put a roof over their head, or keep their small business running to serve a local community?”
“In the long term we need more progressive wealth taxes and the break up the banking industry, ensuring we have a mix of banks, including the creation of a healthy, localised banking industry that serves communities first. In the short term, we need to redistribute unearned profits from banks to the public through a windfall tax.”