Andy Burnham is full of big ideas which could prove transformational for the country if implemented. Building more social housing. Improving rail links between urban areas outside of London. Devolving power out of Whitehall. But none of this will come cheap.
While a general election is unlikely to be called before 2029, Burnham needs to hit the ground running and deliver on policies now. The PM needs to find ways of raising revenues without hammering ordinary workers.
And an obvious one is staring him in the face – a windfall tax on bank profits. Such a move could potentially raise £19billion and go a long way to funding Burnham’s cost-of-living agenda.
It comes after HSBC announced it had raked in £7.5bn worth of profits in the second quarter of the year. The bank’s profits rose 60 per cent year on year in the three months to the end of June, helped by fees from its wealth management and insurance business, as well as higher interest rates, which allow the bank to charge more for loans and mortgages.
It brings collective profits for the four largest banks – HSBC, NatWest, Barclays and Lloyds – to £29.2bn over the first six months of the year. There is a clear case to impose a windfall tax on such excessive profits, if used for the greater good.
And with oil giant BP announcing mammoth profits of £6.6billion in the first half of this year, the debate on windfall taxes has never been more relevant than now. Burnham should implement them on banks without delay.
Scots swimming star Archie Goodburn defied the odds to represent Scotland at the Commonwealth Games two years after being diagnosed with an incurable brain tumour.
Like his fellow Scots athlete Olympics legend Sir Chris Hoy, he has now devoted his life to raising awareness of the condition that has affected him so profoundly.
Yesterday Archie appeared on national TV to make a direct plea to Prime Minister Andy Burnham for more investment in cancer treatments and research.
We hope that his emotional words do not fall on deaf ears and he can succeed in getting more funding into this vital part of the NHS.
Archie has shown great determination to make it to the Games as a competitor. But it will be an even greater achievement if he can improve the lives of those affected by cancer. It would also be a fantastic legacy from the Glasgow 2026 Games.
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