Left: Introduce “oligopoly tax” for banks

The crisis of confidence in banks

Published 28 August 2023
- By Editorial Staff
The leader of the Left Party, Nooshi Dadgostar, speaks in Gothenburg on August 26.

The Left Party is now announcing that it wants to introduce a temporary “oligopoly tax” of 50 percent of profits that exceed the average profit of the last five years.

In the first half of 2023, the four major Swedish banks – Handelsbanken, Nordea, SEB and Swedbank – made a combined profit of SEK 79 billion. The background to these excess profits is, among other things, a strong net interest income.

The Left Party now wants to introduce a temporary “oligopoly tax” on the banks’ excess profits, said party leader Nooshi Dadgostar during his summer speech in Gothenburg. The term “excess profits” refers to profits above the average of the last five years.

Enough is enough, Left Party leader Nooshi Dadgostar told SvD Näringsliv.

It is also proposed that all the revenue from the profit tax should be used to support social welfare, for example by employing more people in schools and health care.

For the Left Party, the choice between protecting the unreasonable excess profits of the banks and protecting welfare is obvious.

The Left Party proposes a tax of 50 percent of the banks’ excess profits, to be introduced in the period 2024-2026, but which can be extended depending on the situation.

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