The crescendo of pre-budget lobbying has rarely been so loud. Rachel Reeves must tune it out | Polly Toynbee

Rising taxes is set to be the main theme of this year's pre-budget lobbying, with industry groups and individuals seeking to undermine any proposals that might hit their profits. On Westminster Bridge this week, campaigners wearing masks of top bank CEOs waved champagne bottles and sacks of cash, demanding a windfall tax on banks' record-breaking domestic profits.

The campaign is supported by several charities, including Positive Money, Tax Justice UK, the Fairness Foundation, Equality Trust, and others, who are pushing for a tax that would raise billions from the big four banks. The argument is simple: inflation has driven up bank profits to record heights, yet these same increases have not benefited consumers. A 35% energy profits levy set by the government in 2022 was seen as a necessary measure, so why not apply a similar tax to an equally unavoidable utility like banking?

UK Finance, the lobby group representing British banks, responded with predictable skepticism, claiming that such a tax would damage competitiveness with foreign banks and stifle investment. However, campaigners point out that the real issue is that banks are paying growing sums to their shareholders while underinvesting in the real economy.

As the pre-budget lobbying season reaches its crescendo, there's no shortage of industry groups pushing back against proposals for higher taxes. Gambling firms, property developers, and pension companies are among those seeking to avoid any increases that might hit their profits.

A proposed 50% tax on gambling is seen as a prime target by campaigners, with the Institute for Public Policy Research suggesting it could raise £3.2 billion. However, the industry has responded with outrage, calling the idea "economically reckless" and warning of job losses if such a tax were implemented.

The issue of property taxes has also been highlighted, with Sotheby's estate agents warning that any increase in council tax would be disastrous for the housing market. Meanwhile, Knight Frank is protesting about proposed mansion taxes, claiming it would force thousands of pensioners to sell their homes and create a "stagnant swamp" in the market.

There's no shortage of lobby groups seeking to influence policy on this front either, with the Supermarket Association warning that higher business rates would lead to increased food prices. It's clear that these companies are more interested in protecting their profits than in supporting any proposals that might benefit ordinary consumers.

The chancellor is faced with a daunting task: balancing the need for tax revenue with the pressure from industry groups and lobbyists who seek to undermine any proposals that might hit their profits. There's no easy solution, but one thing is clear: close ears to the cacophony of lobbying and focus on the needs of ordinary people.

The reality is that there's no popular way to raise taxes to repair crippled services. The only tax proposals that enjoy public backing are those aimed at the wealthy, high earners, social media companies – and even then, support is not universal. It's clear that policymakers must prioritize fairness over politics, closing loopholes and making sure the wealthy contribute their fair share.

Ultimately, this government's contradictory messaging has left it late to rouse public opinion for collective contribution. With polls showing the party sitting at 17% in the polls, there's little room for maneuver. The chancellor can only trust her own judgment, taking a long-term view and aiming for the fairest path possible – even if it means facing vilification from industry groups and critics alike.

I mean, come on... banks are making record profits while ordinary people are struggling to make ends meet . And now they're trying to convince us that a tiny tax is too much? It's just not fair . We need some real change here, not just handouts for the big four . I'm all for closing loopholes and making sure the wealthy contribute their fair share . Can't believe they're more worried about competing with foreign banks than investing in our communities . It's time to put people over profits!

Ugh, tax season is already stressing me out , especially with all these banks raking in record profits while making it hard for regular people to afford basic stuff . A 50% tax on gambling sounds like a solid idea to me , at least that way the industry would be incentivized to think about more than just shareholders . And those mansion taxes? Fingers crossed they don't mess up the housing market .

I mean, come on, industry groups are already trying to block proposals that might affect their bottom line . It's like, can't we just make sure everyone contributes fairly for once ? The chancellor needs to prioritize fairness over politics and close those loopholes . I'm rooting for her to do the right thing . Let's hope she doesn't get too much flak from the Lobbying machine

This pre-budget lobbying is getting intense! I think it's super fair that we're having this conversation about taxing bank profits, especially with inflation on the rise . It's not right that big banks are raking in record-breaking profits while consumers are struggling . A windfall tax on their domestic profits could raise billions and help repair crippled services .

The problem is, industry groups like UK Finance are trying to spin this as a threat to competitiveness and investment . But let's be real, they're more worried about maintaining those sky-high shareholder payouts . It's time for policymakers to prioritize fairness over politics . We need a tax system that ensures the wealthy contribute their fair share .

The issue is complex, but one thing's for sure – close ears to all the lobbying noise and focus on what really matters: supporting ordinary people . It's time for some tough decisions and a long-term view from the chancellor . Wish them luck with that!

dude I think its crazy how powerful these lobby groups are they really have no qualms about trying to block any proposals that would impact their bottom line, meanwhile the average joe is still struggling to make ends meet and inflation is running wild its like, cant we just get some basic fairness here? shouldn't we be taxing the big banks and corporations more to support our crumbling public services?

I feel so sorry to see people struggling with rising living costs , especially when big banks are making record profits . It's not fair that they get to keep all their money while ordinary folk are feeling the pinch . I think a windfall tax on banks' domestic profits could be a good idea . We need to make sure everyone contributes fairly, not just the wealthy elite .

I'm also worried about the impact of tax avoidance loopholes . It's like they're trying to find ways to dodge their responsibilities and shift the cost onto others . The Supermarket Association saying that higher business rates would lead to increased food prices is a big worry for me . Can't we just make sure that big companies contribute their fair share?

think its kinda weird how big banks are makin huge profits but dont seem to be sharin the love with everyday folks who need more support on their energy bills and stuff. wanna see a tax that'd help level the playing field, ya know? also, gotta say, the whole lobbying thing is gettin outta hand, like, these big corporations are more interested in protectin their profits than helpin society

I'm so done with these big banks raking it in while the rest of us are struggling They're not exactly the most sympathetic bunch, if you ask me. Like, come on, a 35% energy profits levy was fair enough, but now they want to tax their own bank profits? It's like they think we're just going to sit back and watch them get richer while the economy falters The fact that the industry groups are trying to spin this as damaging competitiveness is just laughable – like, who needs foreign banks when you've got a bunch of dodgy accountants and lawyers making bad investment decisions?

I'm so done with these big corporations trying to avoid paying their fair share of taxes . Like, we all know inflation is affecting everyone's pockets, but do the banks get a break? No! They're raking it in while people struggle to make ends meet . It's time for some serious tax reform and closing those loopholes . The idea of a windfall tax on banks' record-breaking profits is not only necessary but also long overdue . We need policymakers who are willing to take a stand and fight for the people, not just the fat cats .

I'm seeing this whole thing go down, you know? They're trying to bring in all these new taxes but these big finance companies are like "no way, dude" . I mean, they're making record profits and yet they're not passing it on to the little guy. It's just not right. And now they're all like "oh no, we'll go bankrupt if you put a tax on us" . Give me a break.

But seriously, this is about who gets to decide how we spend our money. Are we gonna let these big corporations keep raking it in or are we gonna make sure everyone contributes? It's not that hard. And honestly, I think most people would agree with a tax on the wealthy and big companies. They're the ones who can afford it. The thing is, this government's all like "oh, let's just balance the books" but they're not considering what really matters - fairness.

And have you seen the reactions from these lobby groups? It's like they think they're above the law or something . I mean, come on guys, we can see right through that. This is all about protecting their profits and lining their own pockets. We need to call them out on this and make sure our voices are heard.

the thing that gets me is how these big companies are always looking out for themselves ... it's like they think the economy only benefits them . the energy profits levy was a good step, but now they're trying to backtrack on it? come on, someone has to pay for the rising costs of living . and what's with all these tax breaks for the wealthy? shouldn't they be contributing more to society instead of just getting richer? the only way to get things done is if we prioritize fairness over profits . the gov's gotta find a way to balance the books without making it all about the big corps .

I THOUGHT IT WAS BEYOND WILD THAT BANKS ARE MAKING RECORD-BREAKING PROFITS YET FAIL TO INVEST IN THE REAL ECONOMY I MEAN, WHO DOESN'T LOVE A GOOD CHAMPAGNE BOTTLE AND SACK OF CASH AS A SYMBOL OF PROTEST? IT'S LIKE THEY'RE SAYING "WE'VE GOT OUR HANDS FULL" WITH SHAREHOLDER PAYMENTS WHILE THE REST OF US ARE STRUGGLING TO MAKE ENDS MEET . AND NOW THEY'RE PUSHING BACK AGAINST A WINDFALL TAX ON THEIR PROFITS, CLAIMING IT WILL HURT COMPETITIVENESS? GIVE ME A BREAK . THE REAL ISSUE IS THAT THEY'RE GETTING AWAY WITH PAYING OUT HUGE SUMS TO SHAREHOLDERS WHILE UNDERINVESTING IN THE ECONOMY . IT'S TIME FOR SOME SERIOUS OVERHAULING OF THE BANKING INDUSTRY AND A FAIRER SHARE OF THE PROFESSIONAL TO THOSE WHO NEED IT MOST

Ugh just heard about these record-breaking bank profits meanwhile inflation is still through the roof and ordinary people are struggling to make ends meet a 35% energy profits levy was seen as a necessary measure back in 2022 but now they're pushing for a windfall tax on banks' profits? like, isn't that just another way of saying "we'll just let them off the hook"? and what really gets me is that these big banks are paying out record sums to their shareholders while underinvesting in the real economy it's not exactly a level playing field

I'm getting so fed up with these big banks making record profits while regular people are struggling to make ends meet They're basically hoarding all that cash in their vaults while charging us through the roof for everything from energy to council tax And don't even get me started on the gambling industry, always finding ways to squeeze more money out of punters A 50% tax on gambling would be a start, but I'm not holding my breath... The problem is that these big corporations just won't listen to anyone except their shareholders They're so busy lining their own pockets that they forget about the rest of us

[Image of a meme with a bank vault and a thought bubble saying "We're not getting richer, just hiding it better"]

I think the UK government is being quite pragmatic by considering tax proposals that target high-profit industries. It's hard to argue with the logic of taxing record-breaking bank profits when consumers aren't seeing those benefits firsthand. The fact that the big four banks are paying growing sums to shareholders while underinvesting in the real economy does seem like a clear case for increased taxation.

Of course, industry groups will push back against any proposals they feel might harm their bottom line, and it's understandable that they would do so. But policymakers need to prioritize fairness over politics and make sure the wealthy contribute their fair share to help repair crippled services. It's a tough task, but one that needs doing, especially when public support for radical changes is scarce .

The real challenge lies in finding a balance between tax revenue and industry lobbying. The government can't just ignore the cacophony of competing interests; it has to use its judgment to make decisions that benefit the broader population. No easy solution, but I think it's time for policymakers to take a long-term view and aim for fairness .

By the way, the whole champagne bottle and sack of cash stunt on Westminster Bridge was quite eye-catching – it certainly made a point about the need for change!

I'm low-key excited about this whole windfall tax on banks thing . Like, they're making record-breaking profits while regular people are struggling to make ends meet? It's time someone took a bite out of that sweet, sweet cash . The fact that industry groups are trying to spin it as damaging competitiveness is just laughable – newsflash: profit-sharing isn't exactly good for the economy .

And can we talk about how the wealthy always get a free pass? Like, it's not like they're hurting anyone by dodging taxes. On the other hand, those who actually contribute to society (read: workers and middle-class folks) are the ones getting hit with higher costs on everything from energy to food prices .

The only way this government is gonna get away with something is if they prioritize fairness over politics . It's not like we're asking for much – just a fair share of the loot . The fact that they're getting roasted by industry groups and critics alike should be a wake-up call . Time to take a long-term view and aim for the fairest path possible

I feel so frustrated for those who are struggling with the rising cost of living . These big bank CEOs flying around in champagne bottles and cash sacks while their profits skyrocket is just not right . And to think that they're trying to undermine any tax proposals that might hit their pockets... it's like, shouldn't they be using some of that money to help people who are struggling?

And I'm so fed up with the whole lobbying thing . It feels like these big companies just have no qualms about taking and taking without giving anything back. And now we're expected to believe that if they pay a little bit more in taxes, it'll somehow magically solve all our problems? No thanks .

I just wish policymakers would take a deep breath and put the needs of ordinary people first . We need fair taxation and some real change, not just empty promises from politicians . The fact that the chancellor is being bombarded with conflicting messages from industry groups is just crazy . Can't she see what's really going on?

just read about how big banks are trying to avoid a tax on their record-breaking profits and I'm like, "come on guys! they're making bank while people struggle to make ends meet". the government's trying to find a balance but it's hard when industry groups are being super aggressive . what's really important is that policymakers focus on fairness over politics and make sure the wealthy contribute their fair share . we need to close loopholes and support crippled services, not just appease corporations

think we're in big trouble when industry groups are more worried about their profits than people's basic needs they're just trying to undermine any proposals that might hit their bottom line, while banks are raking it in 35% energy profit levy was a decent start, now let's have a similar tax on banking the problem is not competitiveness with foreign banks, but underinvesting in the real economy and paying shareholders handsomely ideally we want the wealthy to chip in more, not just those who are already filthy rich