# HSBC's £7.5bn profit renews calls for windfall tax to help with cost of living

HSBC reported £7.5bn in profits, prompting campaigners and politicians to urge a windfall tax on UK banks to fund cost-of-living assistance. The earnings highlight the contrast between soaring corporate profits and household financial strain. A levy could raise significant revenue to support struggling families.

**Importance:** 4/5

## Sources

### World
- [The Guardian World](https://www.theguardian.com/business/2026/aug/04/uk-bank-tax-hsbc-profits-andy-burnham) — Tue, 04 Aug 2026 09:10:36 GMT
- [The Guardian World](https://www.theguardian.com/us-news/2026/aug/07/trump-windfall-tax-big-oil-iran-war) — Fri, 07 Aug 2026 09:00:13 GMT
- [The Guardian World](https://www.theguardian.com/us-news/2026/aug/07/first-thing-soaring-oil-profits-us-iran-conflict-windfall-tax) — Fri, 07 Aug 2026 12:04:22 GMT