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A tax on banks would bring down energy bills - and bank CEOs aren’t happy. Banks had an 8% surcharge tax on their profits, but the Conservatives cut it to 3% in 2023. Even just restoring the surcharge to 8% would raise £9 billion over 4 years.

A 35% surcharge – the level the Tories taxed profiteering energy companies when oil prices jumped – would raise £60 billion. This money could be used to cut household energy bills by up to £559 a year.