Will the Iron Chancellor follow suit with the Iron Lady with a banks tax raid?

Britain’s banking titans are back in the hot seat as Rachel Reeves faces renewed calls to hike taxes on lenders .

The self-described “iron Chancellor” has been advised to take a leaf out of Margaret Thatcher’s book with a fresh levy on banks that would hand the Treasury up to £8bn a year.

The levy – proposed by the left-wing Institute for Public Policy Research (IPPR) – would raid earnings from the banks’ quantitative easing (QE) reserves.

Carsten Jung, associate director for economic policy at IPPR, said the “flawed policy design” of QE meant “public money is flowing straight into commercial banks’ coffers”.

Quantitative easing involved the Bank of England buying a large amount of government bonds f

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