Bank Rates: Windfall tax plan is not for banks

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Shadow education minister Bridget Phillipson today told Sky News that Labour's plan for a windfall tax would be for oil and gas companies rather than banks.

It comes as major banks have been accused of profiteering by failing to increase the saving rate in line with interest, despite hiking mortgage costs.

A number of banks will appear before the Financial Conduct Authority today.

Politics latest: https://news.sky.com/story/politics-latest-chancellor-to-meet-regulators-in-bid-to-tackle-cost-of-living-another-minister-pauses-support-for-korski-12593360

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