SNP pushes for bank windfall tax to fund £300 energy bill cut, citing £8B annual revenue.

The SNP is urging Chancellor Rachel Reeves to impose a windfall tax on commercial banks to fund a £300 energy bill reduction for households in the upcoming autumn budget, estimating the levy could raise £8 billion annually. The proposal, aimed at easing rising energy costs, would cost about £8.15 billion and excludes top-rate taxpayers in Scotland and additional-rate taxpayers elsewhere. The SNP argues the plan fulfills Labour’s promise to cut bills, criticizes the government’s reluctance to tax banks despite public appeals, and highlights ongoing energy affordability challenges, particularly in Scotland.