Meanwhile in #Italy:

A #windfall tax of 40% is being imposed on #banks #interestrate spread (the net profit on returns by virtue of the difference between rates to lenders & borrowers)....

Having looked at the extra level of profits made in the first half of this year, the one-off tax will be used to cut taxes & help #mortgage holders.

Despite loud demands in the UK for something similar, the #Tories are unlikely to turn against their chum in #financialservices, at least not yet!