Reposted by @touched1983.bsky.social
There’s no need for a windfall tax on bank profits; it would be simpler to stop paying them subsidies by removing the 3.75% the Bank of England pays out on their reserves. Before 2006 this didn’t happen — Gerard Holtham, partner at Cadwyn Capital and visiting professor at Cardiff Metropolitan Uni
theguardian.com
Why are we giving a £24bn-a-year subsidy to profitable commercial banks? | Letter
Letter: Gerald Holtham suggests that it time to cut the 3.75% that the Bank of England pays out on the lenders’ reserves