TUC Urges Bank Surcharge to Fund Energy Bill Cuts

The Trades Union Congress has urged Andy Burnham’s government to create a social tariff for energy bills, funded by reversing the bank surcharge cut made in 2023 from 8% to 3%, according to BBC. The TUC says the move could raise £9bn over four years and help two-thirds of households, while leader Paul Nowak said next month’s Budget should show the government is back in the service of the British people. Nowak said the priority was to cut energy costs because they are fuelling inflation and leaving millions of families worried about heating this winter. He also called for a windfall tax on social media companies, higher capital gains tax rates, and more flexibility on borrowing for investment. UK Finance warned that heavier levies could hurt growth and international competitiveness, and said UK banks already face a heavier tax burden than US rivals.