The Trades Union Congress (TUC) is pressing for an increased windfall tax on the UK's largest banks, following their announcement of nearly £14 billion in profits for the first quarter of 2023. This surge in profits is attributed to the current high interest rate environment and market turbulence stemming from the Iran war. The TUC's general secretary, Paul Nowak, emphasized the need for banks to contribute fairly to the economy, especially as households face financial struggles. The current bank surcharge was reduced from 8% to 3% by the Conservative government in 2023. Nowak argues that reinstating the surcharge to its previous level could generate £9 billion over four years, while doubling it to 16% could yield £24 billion. The average two-year fixed mortgage rate has risen to 5.77%, up from 4.83% before the conflict began. The TUC's call comes as banks are expected to continue benefiting from high interest rates, which have led to significant profits in recent years, raising concerns about whether they are exploiting economic instability for gain.