LABOUR MPs Richard Burgon and Simon Opher joined campaigners today as they delivered a petition to Downing Street calling for a windfall tax on soaring bank profits.

The petition to Chancellor Rachel Reeves, signed by 68,749 people across the country, highlighted the record £45.9 billion made in pre-tax profits by Britain’s four biggest banks — HSBC, Barclays, NatWest and Lloyds — in 2024.

It warns they are on track to surpass that figure this year after generating £35.1bn in the first three quarters alone.

Campaigners argue that these windfall profits stem from higher interest rates borne by the public, both through rising mortgage costs and the billions in interest the Bank of England pays to commercial banks on their risk-free reserve accounts.

Although banks are expected to pass this money on to savers, campaigners say they have failed to do so.

The Treasury ultimately shoulders the cost because it covers the Bank of England’s losses, which have cost the Exchequer £85.9bn between late 2022 and March this year.

Analysis by Positive Money suggests that applying a windfall tax on this year’s bank profits, similar to the 38 per cent levy imposed on energy companies, could raise more than £14bn.

The petition argues this would be “a much fairer place to start than raiding the accounts of ordinary savers or the pockets of disabled people,” referring to reports that Ms Reeves may cut the tax-free cash ISA allowance in tomorrow’s Budget and to the government’s failed attempt to reduce disability benefits in the summer.

Hannah Dewhirst of Positive Money said banks had made “record profits at the public’s expense,” adding that keeping these “unearned billions” would send a damaging message about the government’s priorities.