The Trades Union Congress calculated that tax cuts for big banks introduced by former Tory chancellor Jeremy Hunt in 2023 cost the UK government £6bn in lost revenue.
The TUC, which represents unions with more than 5.3 million members across England and Wales, made the calculation public as it called on current chancellor John Healey to reverse the cuts. The union body is urging the government to increase taxes on lenders and force them to pay their "fair share" in the upcoming budget.
The source excerpt does not provide the specific tax mechanism Hunt used, when the cuts took effect, or detail on how the TUC arrived at the £6bn figure. It does not include responses from the government, the banking industry, or other perspectives on the calculation.