A leading trade union is calling for an emergency windfall tax on banks.

Unite said its research showed that in the first nine months of 2022, leading banks generated £19.8 billion of profits.

Unite general secretary Sharon Graham said: “It’s time the truth was told. Interest rate rises are putting the fear of death into households across Britain, but we know now that at the same time they are delivering billions in excess profits to the big City banks.

“Our economy is broken. Nothing symbolises that better than the spectacle of politicians demanding pay cuts from nurses whilst doing nothing to get City noses out of the ‘banking-billions’ trough.

“That’s why I am calling for a windfall tax on the excess profits of the big banks. Workers did not create this crisis and they should not be the ones to pay for it.

“It’s time the profiteers and their friends in the city were told profiteering won’t pay and it’s time they paid their fair share.”

Profits in the sector have mainly been generated by interest rate rises, said Unite.

The Bank of England’s Monetary Policy Committee will decide on Thursday whether to increase rates.