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Why are we giving a £24bn-a-year subsidy to profitable commercial banks? | Letter
Gerald Holtham suggests that it time to cut the 3.75% that the Bank of England pays out on the lenders’ reserves There are increasing calls for a windfall tax on banks ( Taxing the banks: what Europe’s windfall levies brought in as Burnham eyes his next move, 2 September ). Such a tax is unnecessary; it would be enough simply to stop paying commercial banks a huge existing subsidy. The Bank of England holds the reserve deposits of the commercial banks and pays its policy interest rate on the entirety of those reserves. Paying 3.75% on about £640bn means handing over £24bn a year of public mone
2 min read · 1d ago
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