Charities say taxes should rise for banks, defence and energy companies which stand to make windfall profits
Middle East crisis live
Rachel Reeves is being urged to raise taxes on businesses generating “windfall” profits linked to the US-Israel war on Iran to fund emergency cost of living support for UK households.
With the government under pressure to respond, a group of leading charities, campaigners and trade unions said the chancellor could raise billions by taxing “excess profits” linked to the conflict.
In an open letter to Keir Starmer and Reeves, the organisations – including Greenpeace UK, the National Education Union and Tax Justice UK – said energy companies, banks, agricultural commodities businesses, defence companies and tech firms stood to financially benefit from the economic fallout.
