Lloyds Banking Group’s chief executive has spoken out against Nigel Farage’s recent proposal to impose a windfall tax on banks. Farage suggested that banks should not benefit from interest earned on deposits held risk-free at the Bank of England.
The Reform Party leader argued that this arrangement allows banks to receive “free money,” and called for changes to prevent such earnings. The Lloyds CEO, however, expressed concerns about the impact of such a tax on the banking sector.
**Why this matters**
The debate highlights ongoing tensions over how banks should be taxed amid rising profits and economic challenges. Farage’s proposal aims to address public concerns about bank earnings during a period of financial uncertainty. The response from banking leaders signals potential resistance to new tax measures that could affect their operations and profitability.
Source: News Source